Mangaluru court remands Shivanand Neelannavar to custody until September 2
India
Big news from Mangaluru: a court has sent Shivanand Neelannavar, the prime accused in the case concerning Belagavi-based Shivam Associates involved in a ponzi scheme, to judicial custody until September 2.
The Enforcement Directorate (ED) arrested him on August 14 and argued against his bail, saying he might mess with evidence if released.
Shivanand Neelannavar bail hearing August 28
Neelannavar's bail hearing is now set for August 28.
He's accused of cheating thousands by promising crazy returns without any approvals from the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI), and allegedly funneling money into movies, real estate, and fisheries.
The ED is busy tracing illegal transactions and gathering digital evidence.