ED attaches Rs 427 crore assets in Belagavi Ponzi scam

The Enforcement Directorate has provisionally attached assets worth Rs 427.16 crore linked to Shivanand Siddappa Neelannavar, the alleged kingpin of a Rs 2,459-crore Ponzi scheme in Belagavi. Its Mangaluru office issued the order under the money laundering law. Fixed deposits, shares, farmland, bungalows and apartment bookings were attached. Over 35,000 investors were allegedly cheated.