Belagavi, June 7 -- The Criminal Investigation Department (CID) has confirmed large-scale financial fraud in the Shivam Associates investment scheme, with investigators revealing that the firm's owner, Shivanand Neelannavar, collected approximately Rs 2,400 crore from more than 40,700 investors through an unauthorised deposit network.

Addressing a press conference in Belagavi, CID Deputy Inspector General Bhimashankar Guled said the investigation has established that the company operated on a model in which money collected from new investors was used to pay returns and interest to existing investors.

According to the CID, Neelannavar mobilised investments from around 40,700 people. While a substantial portion of the money was returned t...