ED seizes ₹427.16cr Karnataka assets linked to Shivanand Siddappa Neelannavar
The Enforcement Directorate (ED) just seized ₹427.16 crore in assets from a massive Ponzi scheme in Karnataka.
This crackdown targets Shivanand Siddappa Neelannavar and his team, who allegedly lured more than 35,000 investors with fake investment promises.
The haul includes everything from bank balances, fixed deposits, shares, bungalows, agricultural land, residential properties and other real estate investments, all under the Prevention of Money Laundering Act.
More than 35,000 investors lost ₹2,459.49cr
More than 35,000 people, mostly from Karnataka's Belagavi region, lost a staggering ₹2,459.49 crore to this scheme.
Investigators say Neelannavar and his associates were linked to an alleged large-scale Ponzi investment scam involving the collection of ₹2,459.49 crore from more than 35,000 investors.
Now, under the Prevention of Money Laundering Act (PMLA), the action was taken under the Prevention of Money Laundering Act (PMLA), 2002.