“The State government has transferred to the CID the case of financial fraud by Belagavi-based Shivam Associates,” Minister Satish Jarkiholi said in Belagavi on Sunday.

“A team of CID officials led by Director and Inspector-General of Police Bheemashankar Guled arrived in Belagavi to take over investigation. The CID investigation will reveal everything about the issue, its extent, those behind it, the total losses suffered by people, among others. The complete truth and accurate information about this scam will come out only after the CID officials complete their investigation and submit their report,” he said.

To a query, he told reporters that there is no politics behind the arrest of Shivam Associates promoter Shivananda Neelannavar.

Mr. Neelannavar, who is facing a multi-crore rupees fraud charge, earlier only expressed his political ambitions by claiming that he will win all 224 seats in the Assembly elections and become the next Chief Minister.

“This case has nothing to do with politics: It is completely a matter related to financial fraud. The police have taken action in the wake of the public being cheated by the firm collecting money illegally,” he said.

He urged the general public to be careful while investing money. The public should not invest their hard-earned money in unauthorized institutions under the lure of high interest rates. “The public should be wary of any institution that indulges in illegal activities,” the Minister said.

The Minister said that it is not new for the Central government to increase the prices of essential commodities, including gas, petrol and diesel immediately after elections.

“This is their old habit. They are not worried about the difficulties faced by common people due to the increase in the prices of fuel and essential commodities. During the elections, prices are deliberately kept stable to attract voters. But as soon as the elections are over, the Union government burns the pockets of the common man by suddenly increasing prices. What is more, the BJP leaders are justifying the continuous price hikes saying international developments are causing them. This means that the government is following anti-people policies and such an approach is unacceptable. These are the same BJP leaders who used to take to the streets across the country and create a huge ruckus even when the price of petrol increased by just ₹1 during the UPA regime. Today, they are continuously increasing prices. There is nothing but political selfishness behind such behaviour. After coming to power, the BJP leaders have become completely blind to the economic hardships of the common man,” he said.

Senior IPS officer Sandeep Patil will soon take charge as the new Inspector-General of Police of North Zone, the Minister said in response to a query.