Belagavi, Aug. 7 -- The Enforcement Directorate (ED) on Friday, August 7, launched searches at properties linked to Shivam Associate Company owner Shivananad Neelannavar as part of its probe into the alleged Rs. 4,500-crore investment fraud that reportedly affected over 40,000 investors.

Teams of ED officials from Mangaluru and Goa searched three locations connected to the accused, including his residence in Shiv Basavanagar, another property at Badkundri village and the Chikkodi residence of his business partner, Subhash Nandargi.

During the operation, investigators questioned Neelannavar and his wife, Sangeeta, while scrutinising financial documents, bank records and digital evidence to determine the flow of funds and identify assets ...