india π΅οΈ ED busts financial firm over βΉ1,777 crore unaccounted funds
The Enforcement Directorate (ED) conducted a search operation at Shivam Associates, a financial firm, revealing unaccounted-for transactions exceeding βΉ1,777 crore. The investigation was launched based on an FIR at Malamaruthi Police Station, Belgavi city. The firm allegedly collected about βΉ2,110.97 crore from the public, with only βΉ333.89 crore identified for repayment as of August 7th. This massive financial nexus involved several associated persons and entities, including a 0.5% commission for agents. Further investigation is currently ongoing into the movement and parking of these illicit funds. π°