Belagavi’s railway line has long been both a transport asset and an urban barrier. Between the 4th Gate and Gandhinagar Gate, the track runs through a densely built stretch with neighbourhoods on both sides, and every level crossing adds another pressure point to traffic, access, and safety.

At the same time, Belagavi is already seeing how slow big infrastructure can be. The city’s proposed flyover from Hotel Sankam to Dharmaveer Sambhaji Maharaj Chowk has received administrative approval. However, the plan is still moving through public consultation, phased alignment, and tender preparation before construction begins. The project is officially being treated as a phased corridor, with the first stretch to be taken up after stakeholder feedback is finalised.

That raises a broader civic question: should Belagavi continue addressing each railway crossing one by one with ROBs, or plan a larger solution, such as an elevated railway corridor? And if the city is thinking long-term, should the railway line itself be shifted outside the urban core instead?

What the city is really asking

A 9-km elevated railway corridor would, in theory, remove level crossings from the dense city stretch in one stroke. That means uninterrupted road movement, fewer gate closures, and no fresh conflict every time a new ROB is proposed.

But the same project would also mean a major construction footprint, long utility shifting, access changes for nearby homes and businesses, and a much larger cost and approval process than a single ROB. The key question for citizens is not whether the idea looks attractive on paper. It is whether Belagavi is ready for the time, money, and disruption such a corridor would bring.

Examples from elsewhere in India

India has already built elevated rail systems in high-density urban conditions.

Kurukshetra Elevated Track is constructed to bypass the city’s 5 manned level crossings in heart of Kurukshetra City. with a cost of ₹ 245.99 Crore. 2. Nagpur Double Decker Integrated Road cum Metro corridor, 44 km of Elevated Track eliminating all the level crossings with an estimated cost of ₹ 9,279 Crore.

These examples show that elevated rail is not an alien concept in India. The harder question is whether Belagavi’s scale, land pattern, and finances make a similar solution realistic for a conventional city rail corridor.

Why a full railway shift is a different proposition

A complete shift of the railway line outside the city would be even more complex than an elevated corridor.

Belagavi’s separate Belagavi–Dharwad via Kittur line is already a sanctioned new line, not a city bypass. South Western Railway’s 2020 press release says the 73-km project was sanctioned at an estimated cost of Rs 927.40 crore, while an earlier SWR update says the final location survey for the 90-km Dharwad-Kittur-Belagavi alignment was included in the 2019-20 budget. SWR also said the new line would reduce the Belagavi-Dharwad distance by 31 km.

That project improves regional connectivity. It does not, by itself, remove the existing railway barrier inside Belagavi city. So a true “railway shift” would mean a fresh outer alignment, fresh land acquisition, new station planning, and a transition strategy for the existing urban line. In practical terms, that is not a small modification; it is a separate city-defining project.

SWOT analysis

How much time could each option take?

These are rough planning estimates, not official timelines.

A major ROB can often be built in about 2 to 4 years from final design to commissioning, depending on land, utility shifting, and traffic management. In Belagavi, the current flyover debate shows that even a city flyover needs public consultation and phased execution, which can stretch the schedule further.

A 9-km elevated railway corridor in a dense city stretch could realistically take 5 to 8 years or more, because it would need detailed survey work, approvals, land and utility coordination, staging of construction, and likely traffic diversions through much of the route.

A full railway shift outside the city would likely be an 8 to 15+ year effort, and possibly longer, because it is not just a rail structure but an entirely new alignment, with land acquisition, operational transition, and parallel infrastructure planning.

The citizen’s test

Belagavi does not just need a technically correct answer. It needs a socially workable one.

Should the city accept a corridor of ROBs and flyovers, each solving one crossing but leaving the overall rail divide intact? Or should it begin discussing a one-time, high-cost, high-disruption elevated corridor that could eliminate the city’s level-crossing problem more comprehensively? Or is the best long-term answer to keep the rail line outside the urban core altogether, even if that means a much longer wait?

For a city growing on both sides of the track, the real decision is not only about engineering. It is about what kind of Belagavi citizens want in 10 years, 20 years, and beyond.

Belagavi district has reported a large number of voters whose details are yet to be mapped during the ongoing Special Intensive Revision (SIR) of electoral rolls, raising concerns about their inclusion in the final voter list.

According to election officials, out of the district’s total 41.22 lakh voters, around 38.22 lakh have been successfully mapped, while 2,99,870 voters remain unmapped due to missing or incomplete records.

The issue is particularly significant in urban constituencies. Belagavi North has the highest number of unmapped voters at 71,293, followed by Belagavi South with 42,964 voters. In total, more than 1.1 lakh unmapped voters belong to urban assembly segments.

Belagavi district, which has the highest number of assembly constituencies in Karnataka at 18, has a voter base of 41,22,869. This includes 20,68,398 women, 20,54,276 men and 195 third-gender voters spread across 4,525 polling stations.

Officials said the mapping exercise is being carried out using data from the 2001 electoral roll. However, many voter records are missing from the database, creating difficulties in verifying and updating details.

To address the issue, Block Level Officers (BLOs) will conduct door-to-door visits between June 30 and July 29. Voters will be required to submit any one of the 12 documents prescribed by the Election Commission along with a self-attested declaration form.

Officials warned that voters who fail to provide the required information may be marked as absent. Once removed from the electoral roll, getting re-enrolled could become a lengthy process.

As per the schedule, the draft electoral roll will be published on August 5, objections and claims will be considered until October 3, and the final voter list will be released on October 7.

Preliminary surveys have revealed that many of the unmapped voters are currently living abroad or have migrated to cities such as Delhi, Mumbai, Bengaluru and Hyderabad, while still retaining their names in Belagavi’s voter list. Officials also noted that more than 50,000 people from other states and countries are currently residing in Belagavi.

Depositors of the Krantiveer Sangolli Rayanna Society Belagavi, have urged the Karnataka government to resolve technical issues in the Karnataka Protection of Interest of Depositors (KPID) Act or repeal the Act altogether, claiming that procedural hurdles are preventing them from recovering their hard-earned savings.

A large group of depositors, led by Advocate N. R. Latur, gathered at the Deputy Commissioner’s office in Belagavi on Tuesday and submitted a memorandum addressed to the Chief Minister. Deputy Commissioner Mohammad Roshan received the memorandum and assured the delegation that it would be forwarded to the Chief Minister without delay.

Addressing the media, Adv. Latur said that thousands of people from Belagavi had invested in the Krantiveer Sangolli Rayanna Society over a decade ago. In 2017, the society allegedly shut down its operations after its chairman Anand Balkrishna Appugol, along with his wife and other directors, failed to return depositors’ money, forcing investors to seek legal remedies.

Following complaints, the Consumer Court ordered the attachment of properties belonging to the society’s chairman and other responsible persons to facilitate repayment. The Karnataka government subsequently appointed a Competent Authority under the KPID Act to oversee the recovery process.

According to depositors, assets attached under the proceedings have already been auctioned, generating between ₹80 crore and ₹90 crore. Investors were asked to submit claims along with supporting documents, which they duly provided before the Competent Authority in Bengaluru.

However, depositors allege that their claims were later rejected on the grounds that cash investments above ₹20,000 were not valid proof of deposits. Challenging this decision, they approached the High Court, which ruled in their favour and directed the Competent Authority to process the refunds.

Despite the court order, depositors claim they were again asked to furnish additional documents, including decade-old income tax records, bank statements, Aadhaar and PAN details. Even after complying with these requirements, several applications were reportedly rejected for lack of sufficient evidence.

Adv. Latur argued that the repeated demands for documents and rejection of claims stem from technical complications within the KPID Act framework. He said depositors are now seeking government intervention to remove these obstacles and ensure timely repayment of their deposits.

Speaking on the occasion, DC Mohammad Roshan advised citizens to exercise caution before investing in organizations that promise unusually high returns. He urged investors to verify the credentials of financial institutions thoroughly before depositing money and noted that authorities have initiated preventive measures against certain entities to curb large-scale financial fraud.

Thousands of depositors continue to await the recovery of their investments, with many expressing frustration over the prolonged legal and administrative process.

The National Highways Authority has set an ambitious target of completing the long-awaited Belagavi Ring Road project within the next three years. Preliminary works have already commenced in several villages, and efforts are underway to expedite implementation of the major infrastructure project aimed at easing traffic congestion around the city.

The project requires the acquisition of around 1,248 acres of land spread across 32 villages in Belagavi taluka. According to officials from the Revenue and Land Acquisition Department, nearly 70 per cent of the land acquisition process has been completed. Authorities are currently prioritising construction on stretches where landowners have accepted compensation, while the remaining cases are pending before various courts.

A section of affected farmers has opposed the acquisition, arguing that fertile agricultural land should not be used for the project. Many farmers had sought alternative agricultural land in place of monetary compensation, claiming that cash payments cannot replace productive farmland. Some of these disputes have reached the courts, delaying acquisition in certain pockets.

Officials, however, remain confident that the pending legal matters will be resolved soon, allowing the remaining land acquisition process to be completed and construction work to progress at a faster pace.

The proposed ring road will pass through villages including Kamkharatti, Dhamane, Yellur, Sulga, Zadshahapur, Waghawade, Santibastwad, Rankundye, Khadarwadi, Navage, Belgundi, Turmuri, Uchgaon, Gojaga, Mannur, Agasage, Ambewadi, Kadoli, Honga and Mutaga, among others.

Designed as a four/six-lane access-controlled bypass, the ring road will connect NH-48 (Bengaluru–Pune Highway) and NH-748 (Belagavi–Goa Highway), enabling long-distance traffic to bypass the city. It will also integrate with the proposed Belagavi–Hubballi–Raichur corridor under the Bharatmala scheme, improving connectivity towards Hyderabad and Goa.

The complete ring road project spans approximately 69.4 km and is being executed in multiple packages. The project includes a 4/6-lane divided carriageway with service roads, a proposed right-of-way of up to 60 metres, rigid pavement construction and a design speed of 100 kmph.

Once completed, the ring road is expected to significantly reduce heavy vehicle movement within Belagavi city, improve traffic flow on national highways and provide a major boost to regional trade, logistics and economic development.

The issue surrounding the Sewage Treatment Plant (STP) at Halga has finally been resolved. Following a meeting chaired by Deputy Commissioner Mohammad Roshan, in which farmers expressed their willingness to cooperate with the project, the administration directed the concerned agencies to complete the remaining work within a month.

The land for the STP was acquired around 12 years ago. However, farmers launched a protest and halted work on the project, alleging that they had not received the expected compensation. The matter was later taken up at a meeting in the Deputy Commissioner’s office, where the farmers’ demands were discussed.

Farmer leader Prakash Naik, speaking on behalf of the affected farmers, sought Rs 4 crore in compensation. He also demanded that farmers who lost land for the Basurte dam be given the same compensation. In addition, he urged the administration to assess and compensate the expenses incurred by the present farmers for trees, wells and pipelines on the land.

The Deputy Commissioner said that compensation of Rs 3 lakh per acre had been fixed at the time of land acquisition. He added that, through the efforts of the administration and public representatives, the farmers had already received enhanced compensation. He also clarified that the farmers are free to pursue legal remedies if they seek additional compensation.

After the farmers agreed to cooperate, the Deputy Commissioner instructed the municipal authorities to complete the remaining 10% of the project within a month. One of the key decisions taken in the meeting was to survey the excess land and initiate steps to return it to the farmers. Based on satellite photographs from about 10 years ago, trees were also surveyed and compensation has been proposed.

In a significant milestone for the city’s growing startup ecosystem, recycling marketplace startup Kabadi Man has secured its first institutional investment, raising ₹40 lakh from one of India’s leading Indian Institutes of Management (IIMs). The investment forms part of the company’s ongoing ₹2 crore pre-seed funding round.

The Belagavi-based startup has also secured an additional ₹30 lakh in soft commitments from angel investors, taking the total committed amount to ₹70 lakh.

Founded by Siddharth Mutkekar and Chinmay Maddinmath, and incubated at Deshpande Startups in Hubballi, Kabadi Man operates a technology-driven recycling marketplace that connects households and businesses with verified kabadiwala partners for on-demand scrap collection.

The startup follows an asset-light aggregator model aimed at formalising India’s vast informal recycling sector. By providing technology, transparent pricing, and a steady flow of customers, the platform claims to have helped its kabadiwala partners increase their earnings by nearly three times.

Strong Growth Since Pilot Launch

Currently operational in Belagavi and Kolhapur, Kabadi Man has recorded significant growth since launching its pilot operations in January 2025.

According to the company, it has:

• Completed over 5,000 scrap pickup orders
• Onboarded more than 550 kabadiwala partners
• Served over 3,300 customers
• Diverted more than 4 lakh kilograms of waste from landfills

The startup has generated ₹1.2 crore in sales since the pilot launch and ₹45 lakh in revenue since its incorporation in September 2025. It reports an average month-on-month growth rate of around 12%.

Its business clientele includes major brands such as Zepto, Blinkit, DMart, Royal Enfield, KFC, McDonald’s and Reliance Smart.

Recognition at National Level

Kabadi Man has also gained recognition in the startup ecosystem, receiving the MeitY Genesis Entrepreneur-in-Residence (EIR) Grant, winning TiECon 2026, and earning media coverage from publications and channels including The Hindu, Times of India, DD National and ETV Bharat.

Bengaluru Expansion Planned

Speaking about the investment, Founder and CEO Siddharth Mutkekar said the funding validates the company’s belief that India’s recycling challenges are fundamentally a supply-chain problem and that informal scrap collectors deserve better technology, dignity, and income opportunities.

The newly raised capital will be used to:

• Launch operations in selected areas of Bengaluru
• Expand existing operations in Belagavi and Kolhapur
• Develop Agentic AI-powered Voice Agents for automated bookings
• Build an AI-based Price Prediction Engine for real-time scrap pricing
• Hire key talent to support growth

The company has set an ambitious target of crossing ₹10 crore in Gross Merchandise Value (GMV) while preparing for its next fundraising round.

Seeking Additional Investors

With ₹70 lakh already committed, Kabadi Man is continuing discussions with potential investors to raise the remaining ₹1.3 crore of its ₹2 crore pre-seed round.

The startup operates at the intersection of cleantech, waste management, social impact, and the formalisation of India’s informal economy—sectors that are increasingly attracting investor interest amid growing environmental, social and governance (ESG) focus and rising concerns over urban waste management.

The funding announcement marks another notable success story emerging from Belagavi’s startup ecosystem, highlighting the city’s growing contribution to technology-led innovation and sustainable business solutions.

As Iranna Kadadi’s term in the Rajya Sabha draws to a close on June 25, 2026, his parliamentary record reflects a sustained focus on development issues affecting Belagavi and North Karnataka, coupled with interventions on national policies relating to agriculture, skills, infrastructure, health, and rural development.

Elected to the Rajya Sabha in June 2020, Kadadi emerged as one of Karnataka’s more active parliamentarians in terms of questions asked. Parliamentary records show that he raised 573 questions during his tenure, significantly above the national average for Rajya Sabha members.

573 Questions | 46 Debates | 7 Private Member Bills | 82% Attendance

Among Karnataka’s Rajya Sabha MPs, Iranna Kadadi’s tenure stands out for its heavy reliance on parliamentary questions, particularly on issues related to Belagavi’s infrastructure, agriculture, connectivity, skill development, and regional development.

Belagavi at the Centre of His Parliamentary Agenda

A review of Kadadi’s questions reveals a clear pattern: Belagavi remained at the heart of his parliamentary interventions.

Few issues received as much attention as connectivity and infrastructure. Over the past six years, he repeatedly sought updates on the expansion and modernisation of Belagavi Airport, railway connectivity, national highways, urban mobility projects, and public transport schemes.

In the final session of his term alone, he questioned the government on:

• Progress of the new Belagavi Airport terminal
• Proposed Vande Bharat connectivity for Belagavi
• Belagavi-Dharwad railway line via Kittur
• Ring Road project around Belagavi city
• PM-E Bus Seva proposals
• Passenger amenities at railway stations
• NH-48 six-laning works
• Earnings and operational performance of Belagavi Railway Station

His repeated questioning ensured that infrastructure projects affecting the region remained visible in Parliament and on the records of multiple ministries.

Championing Agriculture and Rural Concerns

Representing a region where agriculture remains the backbone of the economy, Kadadi consistently raised issues concerning farmers and rural livelihoods.

His questions covered:

• Minimum Support Price (MSP)
• Crop insurance under PMFBY
• Sugarcane pricing and farmer welfare
• Farmer Producer Organisations (FPOs)
• Cold storage infrastructure
• Agricultural startups
• Dairy development
• Cooperative institutions
• Rural credit mechanisms

Sugarcane growers, a major constituency in North Karnataka, featured prominently in several interventions. He also sought details on converting sugarcane waste into bio-energy and measures to improve farm incomes.

Focus on Skill Development and Employment

Another recurring theme was skill development and employability.

Kadadi frequently questioned the government on:

• Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
• Industrial Training Institutes (ITIs)
• Future skills training
• Entrepreneurship development programmes
• Labour registration systems
• Employment-linked incentive schemes

His questions often sought district-level data for Belagavi, indicating an attempt to track how national schemes translated into local outcomes.

Health Infrastructure and Public Welfare

Healthcare remained another important area of focus.

Among the issues raised were:

• Ayushman Bharat implementation
• ESI Hospital facilities in Belagavi
• Super-speciality blocks in Karnataka medical colleges
• Availability of healthcare infrastructure
• Funding under various health schemes
• Public health delivery systems

His interventions reflected concerns not only about healthcare access but also about the effectiveness of government schemes on the ground.

Preserving the Legacy of Kittur and Belagavi’s Heritage

Kadadi consistently used Parliament to advocate for recognition and conservation of the region’s historical heritage.

Questions were raised regarding:

• Development of Kittur Fort
• Conservation of Belagavi Fort
• Preservation of historical monuments
• Promotion of the legacy of Rani Chennamma and Sangolli Rayanna
• Cultural tourism potential in North Karnataka

These interventions reflected an effort to link heritage conservation with tourism development and national recognition.

Beyond Belagavi: National Issues

While local issues dominated his agenda, Kadadi also participated in debates and discussions on broader national concerns.

His parliamentary interventions touched upon:

• Direct Benefit Transfer mechanisms for farmers
• Mental health among students
• Food processing reforms
• National Social Assistance Programme
• Welfare of Scheduled Castes and Scheduled Tribes
• Voting rights for undertrial prisoners
• Digital governance initiatives
• Renewable energy and green hydrogen
• BharatNet connectivity

These issues demonstrate that his participation extended beyond constituency-focused concerns into broader policy discussions.

A Data-Driven Parliamentary Style

Unlike parliamentarians who rely heavily on speeches and debates, Kadadi’s parliamentary approach was largely question-driven.

The sheer volume of questions submitted across ministries suggests a strategy focused on obtaining official data, project updates, implementation status reports, and timelines directly from the government.

Many of his questions sought district-specific information for Belagavi, making Parliament a channel for monitoring the progress of central schemes and infrastructure projects in the region.

Measuring the Legacy

Parliamentary effectiveness can be judged in different ways—through debates, legislative initiatives, committee work, or constituency advocacy.

In Kadadi’s case, the record suggests that his strongest contribution lay in consistently placing Belagavi and North Karnataka’s development concerns before the Union Government.

From airports and railways to farmers, skills, healthcare, and heritage conservation, his questions created an extensive parliamentary record documenting the region’s aspirations and pending demands.

As his Rajya Sabha tenure concludes on June 25, 2026, that record provides a useful snapshot of the issues he chose to champion and the priorities he sought to advance during his six years in Parliament.

Iranna Kadadi’s Rajya Sabha Tenure: By the Numbers (June 2020 – June 2026)

Parliamentary Profile

• Party: Bharatiya Janata Party (BJP)
• State Represented: Karnataka
• House: Rajya Sabha
• Term: June 26, 2020 – June 25, 2026
• First-Term Member
• Age: 59 years
• Education: Higher Secondary (Inter)

Parliamentary Performance

• Attendance: 82%
• National Average Attendance: 79%
• Karnataka Average Attendance: 72%
• Questions Asked: 573
• National Average: 284.85
• Karnataka Average: 331.04
• Debates Participated: 46
• National Average: 172.2
• Karnataka Average: 60.5
• Private Member’s Bills Introduced: 7
• National Average: 1.7
• Karnataka Average: 0.7

Attendance Highlights

• 100% attendance in:
  • Monsoon Session 2020
  • Budget Session 2021
  • Budget Session 2022
  • Monsoon Session 2021
  • Monsoon Session 2023
  • Special Session 2023
  • First Session of the 18th Lok Sabha
  • Budget Session 2024 (18th Lok Sabha)
• Highest attendance during regular sessions:
  • Winter Session 2025 – 93%
  • Monsoon Session 2022 – 94%
  • Budget Session 2025 – 88%
  • Budget Session 2024 – 89%

Seven Private Member’s Bills Introduced

2025

• The Child and Adolescent Labour (Prohibition and Regulation) Amendment Bill, 2024
• The National Food Security (Amendment) Bill, 2024
• The National Commission for Welfare of Sugarcane Farmers and Workers Bill, 2024

2024

• The Right of Children to Free, Compulsory and Quality Education (Amendment) Bill, 2023
• The Constitution (Amendment) Bill, 2022 (Insertion of Article 21B)
• The Representation of the People (Amendment) Bill, 2022

2022

• The Antarrashtriya Kannada Vishwavidyalaya Bill, 2022

(All remain pending.)

Major Themes Raised in Parliament

Infrastructure & Connectivity

• Belagavi Airport expansion
• Vande Bharat services
• Belagavi-Dharwad rail line via Kittur
• Ring Road for Belagavi
• National Highways and PM-E Bus Seva
• Railway station development

Agriculture & Farmers

• MSP and crop insurance
• Sugarcane pricing and farmer welfare
• FPOs and agricultural startups
• Cold storage infrastructure
• Bio-energy from sugarcane waste

Skill Development & Employment

• PMKVY implementation
• ITIs and vocational training
• Future skills programmes
• Entrepreneurship development

Health & Welfare

• Ayushman Bharat
• ESI Hospital, Belagavi
• Super-speciality healthcare facilities
• Medical infrastructure

Heritage & Tourism

• Kittur Fort development
• Conservation of Belagavi’s historical sites
• Promotion of Rani Chennamma and Sangolli Rayanna legacy

Digital & Governance Issues

• BharatNet
• Digital governance
• Telecom infrastructure
• Deepfake technology
• Rural digitisation initiatives

Notable Parliamentary Interventions

• Raised demand for direct benefit transfer of MSP and market-price differences to farmers.
• Sought urgent upgradation of the Goa–Belagavi National Highway, including Anmod and Chorla Ghat sections.
• Raised issues concerning Karnataka floods, ESIC facilities, airport connectivity, and regional development needs.

Even after the arrest of Shivam Associates promoter Shivanand Neelannavar and the ongoing investigation into the alleged multi-crore deposit scam, people are still depositing money into accounts linked to the firm, prompting the CID to issue a fresh public warning.

Addressing a media briefing in Belagavi, Dr Bheemashankar S. Guled, Deputy Inspector General of Police, Economic Offences Wing, CID, urged the public not to deposit any money into Shivam Associates accounts.

“The accounts have only been debit-frozen. Credits are still possible. We are finding that some people continue to deposit money. We strongly request the public not to transfer any funds to Shivam Associates,” he said.

No Permission to Collect Public Deposits

Guled said a key issue under investigation is whether Shivam Associates had any legal authority to collect deposits from the public.

“Anyone promising returns of 36%, 60% or similarly high profits is operating outside normal financial norms. Such returns are neither feasible nor permitted under RBI regulations,” he said.

According to the CID, Neelannavar allegedly described the funds received from investors as “hand loans”, but investigators believe the transactions effectively constitute public deposits, bringing the matter under the provisions of the Karnataka Protection of Interest of Depositors (KPID) Act.

Classic Ponzi Structure

The CID’s investigation indicates that the operation followed a classic Ponzi model, in which funds collected from new investors were used to pay returns to earlier investors.

“High returns attracted people. The scheme continued as long as fresh money kept coming in. Once new investments stop, such a pyramid inevitably collapses,” Guled said.

Investigators estimate that approximately Rs 2,400 crore was collected from investors. While substantial amounts were distributed as interest and payouts, the CID has found no evidence of any legitimate business activity generating profits sufficient to support the promised returns.

“The fundamental question is: where was the profit coming from? Our investigation has not found any business capable of generating such returns. Payments were largely being made from fresh deposits received from new investors,” Guled said.

Massive Stock Market Losses

The CID revealed that around Rs 540 crore of investor money was invested in the stock market. Of this, approximately Rs 170 crore was lost after positions were exited at a loss.

Investigators have also traced funds diverted into various other businesses, though none appear to have generated profits sufficient to sustain the promised payouts.

According to preliminary findings, there is currently a shortfall of nearly Rs 660 crore in the scheme.

Assets Worth Hundreds of Crores Traced

The CID said assets worth more than Rs 400 crore, along with around 250 grams of gold, have already been identified and secured as part of the recovery process.

Officials believe an additional Rs 300 crore may potentially be recovered through bank accounts, gold holdings, luxury vehicles and real estate assets linked to the accused and associated entities.

Under the KPID Act, a Competent Authority has been appointed and will oversee attachment, liquidation and eventual distribution of recovered assets to eligible investors.

Luxury Cars Bought with Depositors’ Money

The investigation has also uncovered substantial transfers from company accounts to personal accounts.

CID officials stated that approximately Rs 55 crore was transferred from company accounts into Neelannavar’s personal accounts.

The agency has seized several luxury vehicles allegedly purchased using investors’ money, including:

• Toyota Vellfire
• Land Rover Defender
• Two Mercedes-Benz vehicles
• Volvo XC90

Investigators said a total of 19 vehicles linked to the network have been traced, many of them registered outside Karnataka.

“This is public money collected from depositors. It cannot be diverted for personal luxury purchases,” Guled said.

40,700 Investors Identified

The CID has identified approximately 40,700 investors linked to Shivam Associates since its operations began in 2016.

The highest number of investors is reportedly from neighbouring Maharashtra, followed by Karnataka and other states.

Notices to Investors and Beneficiaries

CID officials said notices will be issued to individuals who received large payouts from Shivam Associates.

“If any person has received more money than they originally invested—whether termed interest, referral commission, incentive or by any other name—that amount may be subject to recovery under the law,” Guled said.

The CID will also issue notices to various individuals and entities that received payments from Shivam Associates to gather further information regarding fund flows.

Probe Expands Across 30 Banks

The scale of the investigation continues to grow.

Officials revealed that transactions across nearly 30 banks are being scrutinized. Seven accounts have been identified as having particularly high transaction volumes.

In one account alone, the bank statement reportedly runs to more than 36,000 pages, highlighting the complexity of the financial trail.

The CID has confirmed that all relevant documents and findings will be shared with the Income Tax Department and the Enforcement Directorate for further action wherever required.

“This is a massive investigation involving thousands of transactions and tens of thousands of investors. It will take time. As and when evidence emerges, every transaction and every beneficiary will be investigated,” Guled said.

The CID has once again appealed to the public to immediately report any individual or company promising unusually high and unrealistic returns, either to the CID or the nearest police station. Such early reporting, officials say, can help prevent future financial frauds before they reach the scale witnessed in the Shivam Associates case.

The investigation into Adityaraj Capital Private Limited has revealed what authorities describe as a classic pyramid or Ponzi-style investment scheme that allegedly attracted between 6,500 and 7,000 investors across multiple states by promising assured monthly returns of 5 per cent.

Addressing a joint press conference, the Commissioner of Police and the Deputy Commissioner of Belagavi outlined the preliminary findings of the inquiry. Officials said the company had actively encouraged members of the public to invest through meetings and promotional programmes, offering guaranteed returns of 5 per cent per month through written agreements and investment documents.

Authorities said the firm’s business model appeared to operate on two fronts — raising funds from the public and offering investment opportunities. However, investigators found that investors were not adequately informed about the risks involved. Instead, they were promised unusually high assured returns, a practice that raised immediate regulatory concerns.

Officials stated that investors were made to sign leverage funding agreements that included lock-in periods but lacked proper risk disclosures. The administration believes these arrangements fall within the ambit of the Karnataka Protection of Interest of Depositors (KPID) Act.

According to investigators, the company claimed that funds would be invested in futures and options trading. However, officials pointed out that no individual or entity can legally guarantee fixed returns from such market-linked investments. Authorities further noted that the company was not registered as a Portfolio Manager with the Securities and Exchange Board of India (SEBI) and therefore could not legally manage public investment portfolios or assure returns.

“Prima facie, the operation resembles a pyramid scheme where money collected from new investors is used to pay returns to earlier investors,” officials said during the briefing, adding that such schemes typically benefit early entrants while exposing later investors to significant losses.

The probe has revealed that Adityaraj Capital Private Limited allegedly mobilised funds from more than 6,500 investors. Preliminary findings indicate that approximately ₹211 crore passed through four bank accounts before being transferred to accounts linked to the company’s entities.

Investigators have also found that investors were issued promissory notes and post-dated cheques, which are now being treated as documentary evidence of investments made under the scheme.

Authorities alleged that the company misrepresented its financial viability and failed to disclose critical information regarding the deployment of investor funds. Officials said that lack of transparency and non-disclosure of material facts are key elements being examined under provisions of the KPID Act.

The investigation has further revealed that the company was neither registered with the Reserve Bank of India (RBI) as a Non-Banking Financial Company (NBFC) nor registered with SEBI. Officials said no approvals were found permitting the company to collect public deposits or offer investment products of the nature being marketed.

Investigators also suspect that digital records were deliberately destroyed. Cyber police have now joined the probe and are working to recover electronic data and transaction records.

The office of Adityaraj Capital Private Limited in Bhagyanagar has been sealed, and a case has been registered at Tilakwadi Police Station under the provisions of the Banning of Unregulated Deposit Schemes (BUDS) Act and the Karnataka Protection of Interest of Depositors (KPID) Act.

The FIR names Adityaraj Capital Private Limited, Adityaraj Commodities Private Limited, Adityaraj Securities Private Limited, company founder and CEO Balraj Mane, and several others.

Officials said that since the alleged fraud exceeds ₹50 crore, the case is expected to be transferred to the Criminal Investigation Department (CID) in accordance with legal provisions. The investigation is ongoing, and authorities believe further disclosures may emerge as financial records, digital evidence and investor documentation are analysed.

Adityaraj Capital Case: Key Findings So Far

• Office of Adityaraj Capital Pvt. Ltd. in Bhagyanagar, Belagavi, has been sealed.
• Case registered at Tilakwadi Police Station under the BUDS Act and KPID Act.
• FIR names Adityaraj Capital Pvt. Ltd., Adityaraj Commodities Pvt. Ltd., Adityaraj Securities Pvt. Ltd., founder and CEO Balraj Mane, and others.
• Authorities estimate 6,500–7,000 investors may have invested through the scheme.
• Investors were allegedly promised assured returns of 5% per month.
• Public meetings and promotional programmes were reportedly used to attract investors.
• Officials say investors were issued promissory notes and post-dated cheques as proof of investment.
• The business reportedly operated on two fronts:
  • Raising funds from the public.
  • Offering investment opportunities linked to market trading.
• Funds were allegedly claimed to be invested in Futures & Options (F&O) trading.
• Investigators say guaranteed returns cannot legally be assured in market-linked investments.
• Authorities allege there were no adequate risk disclosures to investors.
• Investment agreements reportedly contained lock-in periods but lacked transparency regarding risks.
• Preliminary inquiry found the company was not registered with RBI as an NBFC.
• The company was also not registered with SEBI.
• Officials say the firm was not authorised as a Portfolio Manager and therefore could not legally manage public investment portfolios.
• Police and district authorities describe the operation as a suspected Ponzi/Pyramid scheme.
• Investigators believe returns paid to earlier investors may have come from money collected from new investors.
• Authorities allege there was misrepresentation of financial viability and investment risks.
• Lack of transparency and non-disclosure of material information are key aspects under investigation.
• Cyber police have joined the probe after allegations that digital records were destroyed.
• Efforts are underway to recover electronic data and transaction records.
• Since the alleged fraud exceeds ₹50 crore, the case is expected to be transferred to CID as per legal provisions.
• Further disclosures are expected after examination of financial records, digital evidence, and investor documentation.

The investigation into alleged financial irregularities at Adityaraj Capital Pvt. Ltd. in Bhagyanagar, Belagavi, entered its second day on Friday, with authorities sealing the company’s office and initiating the process of registering a formal case.

A team led by Belagavi Sub-Divisional Officer (SDO) Shravan Naik continued its detailed scrutiny of the firm’s records, examining financial transactions, depositor information, investment details, and bank documents. While the first day’s inquiry focused on the verification of preliminary records, the second day involved a more comprehensive examination of the nature of transactions and the utilisation of funds collected from investors.

Sources said that several key documents and financial records have been taken into custody as part of the investigation. Officials are compiling information on the total deposits mobilised by the company, the number of investors involved, the deployment of collected funds, and the regulatory permissions under which the firm was operating.

The inquiry is also examining complaints received by the Karnataka Protection of Interest of Depositors (KPID) authorities and the BUDS Cell. Investigators are assessing whether the company’s activities violated provisions relating to the collection of public deposits and investor protection.

With the office sealed, police security remained deployed at the premises throughout Friday. Details of the action taken are expected to be submitted by the SDO to District Collector Dr. Mohammad Roshan on Saturday.

Officials indicated that the investigation is likely to continue for at least another day. Authorities believe that further significant details may emerge once the examination of financial records and transactions is completed and a final report is submitted to the district administration.