Courts send those accused of financial fraud to police custody for 10 days

Shivanand S. Neelannavar is a promoter of Shivam Associates | Photo credit: FILE PHOTO

A local court has sent Shivam Associates promoter Shivanand Neelannavar, who is facing charges of violating financial regulations, to police custody for 10 days.

Here, on Monday, he was brought before the second circuit and regional court by police officers from the crime branch and the city police. Justice Gangadhar KN sent him to judicial custody for 10 days.

A team of officers led by Deputy Inspector General of Police Bheemashankar Guled interrogated the accused for over an hour.

Police sources said he may be taken to Bengaluru for further questioning.

The Deputy Commissioner’s investigation revealed that the accused collected money from 35,000 people promising them 36% interest without obtaining approval from any financial regulator like RBI or SEBI.

The offices of Shivam Associates were closed and their transactions were frozen following an investigation.

Published – 18 May 2026 22:32 IST