₹2,459 crore Ponzi case: ED alleges investor funds routed through family accounts and firms; 35K duped -- Details
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Enforcement Directorate filed a complaint on October 9 regarding a ₹2,459 crore Ponzi scheme.
- ✓The agency said mastermind Shivanand Siddappa Neelannavar, arrested on August 13, duped 35,000 investors.
- ✓Funds were routed through family accounts and firms.
Story at a Glance
- Category
- MARKET
- Reported By
- mint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
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.
A prosecution complaint has been filed by the Enforcement Directorate (ED) before the III Additional District and Sessions Court in Mangaluru against five individuals and entities in connection with an alleged ₹2,459 crore Ponzi scheme that reportedly defrauded more than 35,000 investors, according to The Hindu report.
Among those named in the money-laundering case is alleged mastermind Shivanand Siddappa Neelannavar and his firm, Shivam Associates. The complaint, filed on October 9, seeks the conviction of the accused. Neelannavar was arrested on August 13 this year, and is currently in judicial custody.
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