Shivanand Neelannavar, promoter of alleged ponzi scheme, held
Shivanand S. Neelannavar, the promoter of Shivam Associates, was arrested for allegedly running a ponzi scheme without regulatory approvals. The firm collected deposits promising high returns, attracting over 35,000 investors, including many ex-servicemen. Investigations are ongoing, and the case may be transferred to the CID due to its scale and complexity.
- ▪Neelannavar was arrested by Belagavi police for operating a financial firm without regulatory approvals.
- ▪Shivam Associates promised 36% returns to investors, which is under investigation for being a ponzi scheme.
- ▪The firm had over 35,000 investors, many of whom are ex-servicemen, and the total funds involved may exceed ₹50 crore.
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The Belagavi police arrested Shivanand S. Neelannavar, the promoter of Shivam Associates, a financial firm that had been operating without regulatory approvals, on Friday (May 15).Shivam Associates (ACCUMEN), the firm he founded, faces charges of collecting deposits from the general public by promising 36% returns, without approval from the Reserve Bank of India, Securities and Exchange Board of India, Department of Cooperation, or any other Central or State government agency. Preliminary investigations conducted by officers from the police, revenue and cooperation departments have revealed that over 35,000 persons had invested in the firm. A significant number of them are ex-servicemen. The firm was running a multi-level marketing scheme that had no approvals either.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Hindu — Top.
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