A fresh alleged investment fraud has surfaced in Karnataka’s Belagavi, where Apex Bizcorp LLP has been accused of cheating investors of nearly ₹165 crore through an investment scheme promising exceptionally high returns. Investors allege that the company attracted thousands of people with assurances of 48 percent annual returns before communication from its management abruptly ceased. They have demanded a comprehensive investigation and the freezing of the company’s bank accounts and assets.
The allegations emerged after earlier investment scam cases involving Shivam Associates and Adityaraj Capital in the region. On Monday, hundreds of investors staged a protest outside the office of the Belagavi Deputy Commissioner, demanding immediate action against the company. Protesters claimed that more than 3,500 people, including farmers, daily wage labourers, and small investors, had invested their savings in the scheme.
According to the investors, the company accepted investments starting from ₹50,000 and promised 4 percent monthly returns, equivalent to approximately 48 percent annually. The company allegedly claimed that the funds would be invested in real estate, fixed deposits, options trading, and other business ventures, generating regular and attractive returns for investors.
Investors further alleged that the company promoted the scheme primarily through personal contacts, mobile messages, and promotional events rather than formal investment documentation or transparent financial disclosures. They claimed that while returns and assurances were initially provided, all communication from the company’s management has now stopped, leaving investors unable to access either their money or reliable information.
The protesters have urged the authorities to conduct a detailed investigation into the company’s financial records, bank accounts, assets, transactions, and promoters. They have also sought the immediate freezing of the company’s bank accounts and properties to safeguard investors’ interests if the allegations are substantiated.
Investors further alleged that the company’s Chairman and Managing Director, Kashinath Waghamare, is currently in Dubai, while the whereabouts of the other directors are being traced. However, the authorities have not officially confirmed these allegations, and the investigation is still at a preliminary stage.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said investment schemes promising unusually high and guaranteed returns should always be approached with extreme caution. According to him, investors should independently verify a company’s registration, regulatory compliance, business model, and financial credibility before committing any funds. He added that fraudsters often exploit unrealistic profit expectations to attract victims into unauthorised investment schemes.
Experts also note that investment schemes promoted through informal networks and digital communication channels frequently lack transparency, regulatory oversight, and proper documentation. They advise investors to preserve all financial records, report suspected fraud promptly, and cooperate with investigating agencies to improve the chances of recovering funds.
Authorities have not yet confirmed the allegations against Apex Bizcorp LLP. The outcome of the investigation will determine whether the alleged fraud took place and what legal action, if any, will be initiated against those found responsible.
