Shivanand Neelannavar remanded in judicial custody till September 2
Shivanand Neelannavar, the primary accused in a major ponzi scheme involving Shivam Associates, has been remanded to judicial custody until September 2. The Enforcement Directorate is opposing his bail, citing the need to secure digital evidence related to the alleged illegal collection of over ₹2,100 crore.
Why it matters
This case highlights the scale of financial fraud targeting the public and the aggressive regulatory response by the Enforcement Directorate.
Shivanand Neelannavar, the prime accused in the case concerning Belagavi-based Shivam Associates that is involved in a ponzi scheme, was remanded in judicial custody by a Mangaluru court till September 2.
The Enforcement Directorate (ED), which is investigating the case, had arrested Neelannavar and produced him before the Third Additional District and Sessions Court, Mangaluru, on August 14. After inquiry, the ED sleuths produced him before the court on Monday.
ED Special Public Prosecutor Rajesh K.G., filed objection to the regular bail application filed by Neelannavar. He contended that the ED was still in the process of collecting evidence, including digital evidence, related to the ponzi scheme. Hence, releasing Neelannavar would hamper the investigation. The court posted further hearing on the bail application to August 28.
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