ED names 5, including Shivam Associates, in 2,459cr ponzi scheme
The Enforcement Directorate (ED) has named five persons and entities, including Shivanand Siddappa Neelannavar and Shivam Associates, in a massive ₹2,459 crore Ponzi scheme.
Filed on October 9 in Mangaluru, the case accuses them of tricking over 35,000 investors and laundering money on a huge scale.
Shivanand Siddappa Neelannavar allegedly diverted funds
Neelannavar allegedly promised investors assured returns of 3% per month, but instead used their money for risky stock trading (losing ₹185.95 crore), personal enrichment, and even property deals routed through cooperative societies.
Some funds were sent to Neelannavar's wife, Sangeeta, and minor son, Siddhant, as well as to associated business entities.
The ED has already seized key documents and frozen assets worth ₹2.02 crore as part of its probe.