A new alleged investment fraud has emerged in Karnataka’s Belagavi where Apex Bizcorp LLP has been accused of cheating investors of nearly ₹165 crore through an investment scheme that allegedly promised exceptionally high returns. Hundreds of affected investors have called for a thorough investigation into the company’s operations and have asked authorities to freeze its bank accounts and assets pending the investigation.
The allegations follow earlier investment scam cases involving Shivam Associates and Adityaraj Capital in the region, raising fresh concerns about unauthorised investment schemes targeting small investors.
On Monday, hundreds of investors gathered outside the office of the Belagavi Deputy Commissioner to stage a protest, demanding swift legal action against the company. To many people who have earned money from farming, daily wage labourers, small business owners and salaried workers, the protesters said they had invested their hard-earned money in the scheme.
Investors were told that Apex Bizcorp LLP accepted investments of ₹50,000 and promised 4% monthly returns, or almost 48% annual returns. Investor funds would be used in real estate, fixed deposits, options trading and other business activities that can make profits.
Investors say that the scheme was mainly promoted with personal references, mobile messages, and promotional meetings, rather than detailed financial disclosures or formal investment documents. They also say although returns were initially paid and communication was ongoing, the company’s management has now disappeared and investors are now unable to recover their investments or know where their money is.
The protesters have urged authorities to conduct a forensic investigation of the company's financial records, banking transactions, assets and the role of its promoters. They also asked for the company’s bank accounts and properties to be frozen at once to protect investors’ interests if the allegations are true.
Some investors have also claimed that the company’s Chairman and Managing Director Kashinath Waghamare is in Dubai and the other directors are being traced. But these claims have not been officially confirmed by the investigating authorities and the inquiry is still very much in a new stage.
Prof Triveni Singh, a cybercrime expert and former IPS officer, said investment schemes that promised high or guaranteed returns should always be treated with extreme caution. The investors should check a company's legal registration, regulatory approval, financial statements and business model separately, he said. Fraudsters often use unrealistic return expectations to entice unsuspecting investors into unauthorised financial schemes, he said.
Financial practitioners also point out that investment plans that are mainly based on informal networks and digital messaging platforms often lack transparency and regulatory oversight. They recommend keeping all payment receipts, bank transaction records, agreements, and communications and reporting suspected fraud to law enforcement agencies.
Authorities have not yet confirmed the allegations against Apex Bizcorp LLP. The investigation is still being carried out and any legal action will depend on the evidence which is received through the course of the investigation; the guilt or innocence of those accused will be determined through due legal process.
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