ED attaches assets worth Rs 427 crore in Belagavi Ponzi scam

The Enforcement Directorate has attached assets worth <b>Rs 427 crore</b> in connection with a massive <b>Rs 2,459-crore</b> Ponzi scheme operating in Belagavi. The financial probe agency's action targets properties belonging to the alleged kingpin, <b>Shivanand Neelannavar</b>, along with his family members and close associates. Investigators revealed that the fraudulent scheme has allegedly duped over <b>35,000 investors</b> through false promises of exceptionally high returns. Authorities are continuing their search and seizure operations to trace remaining funds and safeguard affected citizens from similar online and financial frauds. The clampdown highlights ongoing regulatory efforts to dismantle large-scale financial rackets and recover siphoned money for victims.