A Belagavi court has remanded Shivaanand Neelannavar, the alleged kingpin of a multi-crore ponzi scheme, to 10 days of CID custody for further investigation. The case involves an alleged fraud of nearly Rs 1,000 crore and affects around 35,000 investors.
Police in Belagavi, Karnataka, have arrested the operator of Shivam Associates, accused of running a multi-crore Ponzi scheme that promised high returns to depositors. The case has been registered under the BUDS Act and KPID Act, and will be transferred to the CID for further investigation.
Police in Karnataka have arrested an individual running a firm accused of operating a multi-crore deposit scam, attracting investments with promises of high returns. The case involves Shivaanand S Neelanavar and his firm Shivam Associates, also known as Acumen, who allegedly failed to return money to depositors after promising a 36 per cent annual return.
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