Ponzi Scheme Mastermind Shivaanand Neelannavar Remanded to CID Custody

A Belagavi court has placed Shivaanand Neelannavar in CID custody for 10 days as part of ongoing investigations into a Rs 1,000 crore Ponzi scheme affecting 35,000 investors. The case involves financial fraud and promises of high returns. Proper medical care for Neelannavar, who has health issues, was ordered.

Shivaanand Neelannavar, the alleged mastermind behind a Rs 1,000 crore Ponzi scheme, has been placed under CID custody for 10 days by a Belagavi court. The case, involving about 35,000 investors, is under intensive investigation for fraudulent activities and unfulfilled financial promises.

The judge ensured that Neelannavar, who suffers from diabetes and heart issues, receives necessary medical care during custody. He and his firm, Shivam Associates, are accused of promising a 36 percent annual return in a fraudulent scheme, according to Police Commissioner Bhushan Gulabrao Borase.

Further CID investigation will include tracking financial transactions across Karnataka and beyond. Law enforcement authorities have invoked pertinent sections of multiple acts related to the regulation of deposit schemes and protection of investors' interests in this high-profile case.