ED files prosecution complaint in ₹2,459 crore ponzi scam; over 35,000 investors duped
The agency says Neelannavar promised 3% monthly returns and referral commissions while diverting investor funds into trading, property and film production.
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Karnataka ponzi scheme kingpin diverted investors’ money into stock trading, movie: ED
Months after the arrest of businessman Shivanand Neelannavar in a ponzi case involving Rs 2,459 crore, the Enforcement Directorate, in its chargesheet filed a few days ago, stated that he used the money in stock trading, to produce a Kannada movie, and in real estate. Neelannavar, the promoter of Shivam Associates, a native of Belagavi, […]
₹2,459 crore Ponzi case: ED alleges investor funds routed through family accounts and firms; 35K duped
The Enforcement Directorate has filed a prosecution complaint against five individuals and entities over an alleged ₹2,459 crore Ponzi scheme that reportedly defrauded more than 35,000 investors. Alleged mastermind Shivanand Siddappa Neelannavar, arrested on August 13, remains in judicial custody.
The ED has filed a report with the Dakshina Kannada Third Additional Sessions Court regarding the 2459 crore fraud case of Shivam Associates in Belgaum. Around 35,000 customers were cheated by collecting money and promising 3% interest and 0.5% commission. The report mentions that the company illegally transferred 2125 crores without returning it.
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