ED Seizes Assets Worth ₹427 Crore in Connection With Belagavi Ponzi Scheme

The Directorate of Enforcement has provisionally seized assets valued at ₹427.16 crore belonging to Shivanand Neelannavar and his associates. This action follows an investigation into a Ponzi scheme involving approximately ₹2,459 crore.

Authorities identified that funds were diverted into stock market trading, resulting in substantial losses. Money was also routed through cooperative societies to secure loans for land purchases and transferred into the accounts of family members.

The seized assets consist of 42 immovable properties, including agricultural plots and residential units, alongside various financial holdings. These were attached under the Prevention of Money Laundering Act.

Following his arrest on August 13, 2026, a prosecution complaint was filed against five accused parties. Officials confirmed that the investigation into the fraud remains active.