Mangaluru: The Directorate of Enforcement (ED), Mangaluru sub-zonal office, has issued a provisional attachment order for Rs 427.2 crore in connection with a mega Ponzi scheme. The order was issued on Oct 30 under the Prevention of Money Laundering Act (PMLA), 2002, attaching movable-immovable properties in the form of fixed deposits (FDs), bank balances, share market holdings, agricultural plots, bungalows and developer apartment bookings amounting to Rs 427,16,37,165/- belonging to Shivanand Siddappa Neelannavar and persons or entities associated with him, under second provison of Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the investigation into Shivam Associates and others wherein total PoC is Rs 2,459 crore approximately.
Earlier, Shivanand Siddappa Neelannavar was arrested on Aug 13 and on Oct 9 prosecution complaint (PC) was filed seeking the conviction against five accused persons and entities, including kingpin accused Shivanand Siddappa Neelannavar before PMLA Court Mangalore. ED investigation was initiated on the basis of FIR registered by the Malamaruthi police station in Belagavi city.