Overview
- The 2nd Additional District and Sessions Court in Belagavi ordered 10 days of CID custody for prime accused Shivanand Neelannavar on Monday.
- The case runs under laws that ban unregistered deposit taking — the BUDS Act and Karnataka’s KPID Act — after a 150-page local probe found the firm lacked permission to collect deposits.
- CID teams have raided offices, seized digital and paper records, frozen more than 20 bank accounts, and detained a Maharashtra-based man accused of trying to delete data from the ‘Acumen’ app.
- Police say Shivam Associates, also called Acumen, drew about 35,000 investors by advertising 36% yearly returns through bank, web, and app channels, and depositors later reported they could not get their money back.
- Reported losses vary widely, with officials and media citing figures from roughly Rs 1,000 crore to Rs 4,500 crore as CID traces fund flows and tallies investor exposure.