Belagavi: The Enforcement Directorate (ED) on Friday, August 7, launched searches at properties linked to Shivam Associate Company owner Shivananad Neelannavar as part of its probe into the alleged Rs. 4,500-crore investment fraud that reportedly affected over 40,000 investors. The fraud case was first registered at the Malamaruti Police Station in Belagavi on May 15 and was subsequently transferred to the CID for detailed investigation. The ED is now examining whether the alleged fraud involved money laundering and is expected to coordinate with the CID to trace financial transactions and recover assets linked to the suspected proceeds of crime. The investigation into the high-profile financial fraud is continuing.