ED attaches Rs 427 crore assets in Rs 2,459-crore Belagavi Ponzi scam

Bengaluru, Nov 2 (UNI) The Enforcement Directorate (ED) has provisionally attached assets worth Rs 427.16 crore belonging to Belagavi businessman Shivanand Siddappa Neelannavar and his associates in connection with an alleged Rs 2,459.49-crore Ponzi investment fraud involving more than 35,000 investors, primarily in Karnataka. The attachment, ordered by the ED's Mangaluru Sub-Zonal Office on October 30 under the Prevention of Money Laundering Act (PMLA), covers movable and immovable properties allegedly acquired from the proceeds of the investment scheme operated through Shivam Associates and associated entities. According to the ED investigation, the accused allegedly collected Rs 2,459.49 crore from more than…