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Multi-crore ponzi scheme exposed in Karnataka: Over 40,000 investors duped in Shivananda Neelannavar fraud case

The CID has exposed a massive Rs 2,400 crore Ponzi scheme run by Shivananda Neelannavar, defrauding over 40,000 investors. A significant portion of funds was lost in the stock market, leaving a shortfall of Rs 660 crore. Authorities are working to recover remaining assets and distribute them to affected individuals.

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economictimes.indiatimes.com

thehindu.com

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economictimes.indiatimes.comStai leggendo2 mesi fa

Multi-crore ponzi scheme exposed in Karnataka: Over 40,000 investors duped in Shivananda Neelannavar fraud…

originale

thehindu.com2 mesi fa

CID cautions against ponzi schemes as investors continue to transact with Shivam Associates

Ponzi scheme Shivam Associates arrested: ₹2,400 crore from 40,700 investors promised 36–60% returns without RBI/SEBI approval. CID found ₹660 crore shortfall; returns funded solely by new deposits, not actual profits—governance and due diligence red flag.

Timeline cronologica

domenica 7 giugno 2026·economictimes.indiatimes.com
Multi-crore ponzi scheme exposed in Karnataka: Over 40,000 investors duped in Shivananda Neelannavar fraud case
The CID has exposed a massive Rs 2,400 crore Ponzi scheme run by Shivananda Neelannavar, defrauding over 40,000 investors. A significant portion of funds was lost in the stock…
domenica 7 giugno 2026·thehindu.com
CID cautions against ponzi schemes as investors continue to transact with Shivam Associates
CID warns the public against investing in illegal ponzi schemes like Shivam Associates to protect their financial interests.