Farmer files cheating complaint against Shivam Associates
A farmer in Belagavi district has accused Shivanand Neelannanavar of cheating after investing ₹5 lakh in Shivam Associates. The complaint alleges that Neelannanavar promised a 36% return but failed to pay back the principal or interest. The case has been escalated to the CID due to the significant amount involved, exceeding ₹50 crore.
- ▪Krishna Appanna Apraj filed a complaint against Shivanand Neelannanavar for financial fraud.
- ▪The farmer invested around ₹5 lakh based on promises of high returns.
- ▪The case has been transferred to the CID for further investigation.
Opening excerpt (first ~120 words) tap to expand
A farmer from Kagwad in Belagavi district has filed a case of criminal cheating against Shivanand Neelannanavar, promoter of Shivam Associates.The complaint by Krishna Appanna Apraj filed at the Kagawad Police Station accuses Mr. Neelannavar of financial fraud also.Complainant Mr. Apraj said that on the advice of Mr. Neelannavar, he had invested around ₹5lakh in Shivam Associates (ACCUMEN).“He promised returns of 36% on our investments. However, he did not pay us either the interest or principal amounts,” he said in the complaint.This the first complaint against the firm filed by a private individual.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Hindu — Top.
Discussion
0 commentsMore from The Hindu — Top
