Belagavi: Close on the heels of the Shivam Associates deposit scam, another financial firm in Belagavi has come under scrutiny, raising fresh concerns among depositors. Officials on Thursday raided the office of Adityaraj Capital in Bhagya Nagar following allegations that funds mobilised from the public were illegally collected and diverted into unrelated business activities.The raid was led by assistant commissioner Shravan Nayak, with officials from multiple departments examining financial records, investment details and deposit documents of the firm. Police personnel from Tilakwadi station were deployed to maintain security during the operation.Adityaraj Capital is alleged to have collected large deposits by luring investors with promises of unusually high returns. However, complaints suggest the firm failed to provide safeguards and reportedly diverted funds into other ventures. A case has been registered under the Karnataka Protection of Interest of Depositors Act, 2004, and the Banning of Unregulated Deposit Schemes Act, 2019. During the raid, officials found transactions worth hundreds of crores through banking channels.Several depositors alleged that even after maturity, neither principal nor returns were repaid on time, prompting complaints to authorities. Acting on these, officials have launched a detailed probe into the firm’s financial dealings. Sources said the firm’s website has been down and showing ‘under maintenance’ since the Shivam Associates raid nearly two weeks ago.Preliminary inputs suggest the firm is owned by Shivraj Mane, reportedly from Maharashtra, and runs operations with locally recruited youth. Investors were allegedly offered Rs 3,000 monthly returns on a Rs 1 lakh deposit. Sources said the firm, operational for over eight years, runs seven branches across the state.The case has added to growing unease among investors amid recent instances of firms promising high returns but facing legal action. Officials said the veracity of the allegations will be established after examining seized records. The probe is under way, and further action will follow based on findings.