Belgaum, May 20: A private complaint has been filed against Shivanan Nilan, owner of Shivam Associates, at the Kagwad police station in Belgaum district for allegedly defrauding investors of crores of rupees. This case has created a sensation locally, as Nilan has already been accused of large-scale fraud.
The complainant, Krishna Appanna Aparaj, alleged in his complaint to the police that Nilan lured him into investing ₹5 lakh by promising an annual interest of 36%. Aparaj reported that he deposited the total amount in various phases in April, with the company assuring regular interest payments and timely return of the principal amount. However, after the due date, neither the interest nor the principal was returned.
The complaint also stated that when investors approached for their money, the accused adopted a delaying tactic and eventually ceased all communication. Aparaj has described this as clear fraud and has demanded legal action.
This case is significant as it marks the first official case registered against Nilan at the Kagwad police station. According to sources, several other investors have also complained about losing millions of rupees to Nilan and his company. The Criminal Investigation Department (CID) has now taken over the investigation, conducting raids and interrogations at various locations over the past few days.
The Kagwad police acted swiftly on the complaint, registering a case under the Indian Penal Code. Police officials have stated that a preliminary investigation has begun, and the accused will soon be interrogated. Given the sensitivity of the case, the police have urged other affected investors to come forward and file their complaints.
The joint investigation by the police and CID is ongoing.
My name is Ganpat Singh Choughan. I am an experienced content writer with 8 years of expertise in the field. Currently, I contribute to Udaipur Kiran & Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
