Mangaluru: Shivaanand Neelannavar, an accused in an alleged financial fraud case involving more than Rs 4,500 crore and linked to Shivam Associates in Belagavi, was produced before a court in Mangaluru on Monday.

Neelannavar is currently in the custody of the Enforcement Directorate (ED), which is investigating the alleged multi-crore financial fraud associated with the operations of Shivam Associates in and around Belagavi.

Accused brought before Mangaluru court

ED officials produced Neelannavar before the Mangaluru court on Monday as part of the ongoing investigation.

According to sources, the accused was brought before the court by ED officials and was subsequently taken away by the agency after the proceedings.

The development comes as investigators continue to examine the alleged financial transactions and activities connected with Shivam Associates.

ED investigating alleged financial fraud

The case involves allegations of a large-scale financial fraud, with the suspected amount reportedly exceeding Rs 4,500 crore.

The Enforcement Directorate is investigating the financial aspects of the case and is examining the alleged role of individuals connected with Shivam Associates.

Neelannavar is among those accused in connection with the alleged financial irregularities.

The agency’s investigation is expected to focus on financial transactions, the movement of funds and other aspects that could establish the nature and extent of the alleged fraud.

Probe into Shivam Associates continues

Shivam Associates and its activities in and around Belagavi have come under the scanner in connection with the alleged financial irregularities.

Investigators are examining the circumstances surrounding the alleged fraud and the involvement of various individuals.

The production of Neelannavar before the Mangaluru court forms part of the ongoing legal and investigative process.

Further details regarding the court proceedings and the next steps in the investigation are expected to emerge as the case progresses.

The allegations against Neelannavar remain subject to the ongoing investigation and judicial proceedings.