business ๐จ Ponzi scheme accused sent to ED custody
Authorities have taken Shivanand Neelannavar into custody regarding an alleged Ponzi scheme run by Shivam Associates in Belagavi. He was produced before a Belagavi court on Friday and ordered to remain in ED custody for 12 days for questioning. Neelannavar allegedly collected over โน2100 crore from the public by promising high interest rates, without any RBI or SEBI clearance. The ED is investigating illegal money transfers into films, real estate, and fisheries. This action is aimed at tracing the financial transactions and identifying other involved parties.