Bengaluru, Oct 31 (SocialNews.XYZ) The Enforcement Directorate (ED), Mangaluru in Karnataka, has provisionally attached movable and immovable properties worth Rs 427.16 crore belonging to Shivanand Siddappa Neelannavar and his associates in connection with an alleged large-scale Ponzi investment scam involving the collection of Rs 2,459.49 crore from more than 35,000 investors, primarily in Karnataka's Belagavi region. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include bank balances, fixed deposits, shares, bungalows, agricultural land, residential properties and other real estate investments. According to an ED press release issued on Saturday, the accused allegedly operated an investment fraud scheme through Shivam Associates and other associated entities, promising investors exceptionally high returns of 3 per cent per month and an additional 0.5 per cent referral commission for bringing in new investors.

Bengaluru, Oct 31 (SocialNews.XYZ) The Enforcement Directorate (ED), Mangaluru in Karnataka, has provisionally attached movable and immovable properties worth Rs 427.16 crore belonging to Shivanand Siddappa Neelannavar and his associates in connection with an alleged large-scale Ponzi investment scam involving the collection of Rs 2,459.49 crore from more than 35,000 investors, primarily in Karnataka's Belagavi region. The action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The attached assets include bank balances, fixed deposits, shares, bungalows, agricultural land, residential properties and other real estate investments. According to an ED press release issued on Saturday, the accused allegedly operated an investment fraud scheme through Shivam Associates and other associated entities, promising investors exceptionally high returns of 3 per cent per month and an additional 0.5 per cent referral commission for bringing in new investors.