District administration and cooperation department officials on Thursday inspected the offices of a private investment firm that was operating in Belagavi without proper permissions from government agencies.
These officers along with some police officers reached Shivam Associates office in the afternoon. The inspection continued until night.
Deputy Commissioner Shravan Nayak, who led the team, told reporters that they had received information that over 45,000 people had invested in the firm. Most of the investors are ex-servicemen.
There are allegations that the firm has not obtained proper clearances from agencies like SEBI and RBI. The company accepts investments with the promise of paying almost 36% interest per year.
Shivanand Neelannanavar, who owns the firm, also runs other commercial and charitable agencies. He organized several programs like mass lunches, cricket tournaments, folk arts and games and health camps in villages.
Some of his speeches were controversial and widely shared on social media.
In the Kadur village, he claimed to have a collection of thousands of weapons. He recently invited some Kannada film stars for a music night in Belagavi. When he introduced himself, he called himself “one of the best human beings on the planet.”
In another event, he claimed to win 224 seats in the 2028 assembly elections and become the next Chief Minister of Karnataka.
Belagavi City Corporation staff removed banners and posters put up by Shivam Associates, which had planned a Swachcha Belagavi event on Sunday, after the district administration rejected its request to hold the event at the Government Sardar’s High School Grounds in Belagavi.
Published – 14 May 2026 23:10 IST
