The Economic Times

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.