{
  "id": 13436863,
  "title": "ED files prosecution complaint in ₹2,459 crore ponzi scam; over 35,000 investors duped",
  "url": "https://urgent.news/2026/10/10/ed-files-prosecution-complaint-in-2-459-crore-ponzi-scam-over-35-000",
  "topic": "world",
  "section": "World",
  "published": "2026-10-10T14:34:23.000Z",
  "source": {
    "name": "The Hindu",
    "slug": "the-hindu",
    "url": "https://www.thehindu.com/news/national/karnataka/ed-files-prosecution-complaint-in-2459-crore-ponzi-scam-over-35000-investors-duped/article71567526.ece"
  },
  "original_language": "en",
  "account": null,
  "summary": "The Directorate of Enforcement (ED) has filed a prosecution complaint against five individuals and entities, including alleged kingpin Shivanand Siddappa Neelannavar and his firm, Shivam Associates, in connection with a ₹2,459 crore Ponzi scam. Over 35,000 investors were reportedly duped by the scheme, which promised assured returns of 3% per month and a referral commission of 0.5%. Neelannavar was arrested on August 13, 2026, and is currently in judicial custody. The ED alleges that the majority of the collected money was used for personal enrichment, stock trading, property purchases, and film production, while a smaller portion remained unpaid to investors. The investigation also revealed an alleged financial nexus between the accused, their family members, and several entities involved in the transactions.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}