The Hindu·3 min read·medium
ED search of financial firm reveals unaccounted-for transactions of over ₹1,777 crore
T
The Hindu Bureau
✦AI Summary
The Enforcement Directorate has uncovered a ₹1,777 crore financial fraud involving Shivam Associates, a Belagavi-based firm that promised high returns to investors. The firm allegedly collected over ₹2,110 crore from the public through unregulated deposit schemes before failing to account for the majority of the funds.
A search and seizure operation by the Directorate of Enforcement (ED) has revealed transactions of over ₹1,777 crore of unaccounted-for funds by Shivam Associates, a Belagavi-based financial firm.
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