The Crime Investigation Department (CID) has officially exposed an alleged large-scale financial fraud mastermind by Shivananda Neelannavar, uncovering a sophisticated Ponzi scheme that has affected thousands of investors. Addressing a press conference on Saturday, CID Deputy Inspector General (DIG) of Police Bhimashankar Guled outlined the extent of the fraud and the measures being taken to recover the funds. "It has been proven that Shivananda Neelannavar has committed fraud. He was running a Ponzi scheme, using money from new investors to pay interest to earlier investors. He continued this until the interest payouts exceeded the fresh collections," Guled said, news agency ANI reported. According to the investigation, Neelannavar mobilised nearly Rs 2,400 crore from investors. While a substantial amount has already been repaid, around Rs 540 crore was channelled into stock market investments, resulting in losses of approximately Rs 170 crore. The probe has identified a deficit of Rs 660 crore, of which officials believe nearly Rs 330 crore can still be recovered. Investigators have also found that about 40,700 individuals invested in the scheme.&nbsp;Also read: <a href="https://www.wionews.com/india-news/paper-leak-re-neet-and-trauma-what-s-the-mental-cost-of-india-s-medical-entrance-exam-crisis-1780567858329">Paper leak, re-NEET and trauma: What's the mental cost of India's medical entrance exam crisis</a><h3>Involvement of an associate</h3>The inquiry further revealed the involvement of an associate who allegedly transferred Rs 55 crore from the company to personal accounts. Authorities have seized five luxury vehicles and are in the process of confiscating 11 more. Officials said an additional Rs 400 crore has been returned to investors so far. "We will recover that money and distribute it to the remaining investors," Guled said. "After the FIR was registered, Rs 4 to 5 crore was still deposited. We have found 30 bank accounts, of which 7 accounts received most of the money. One single account has 36,200 pages of transactions, and the investigation is ongoing," he stated. Over the claim of routed money to movie stars through the associate, Guled said, "We will issue notices to them and summon them for questioning." The highest investment has arrived from neighbouring Maharashtra. "We are investigating with the cooperation of Maharashtra police," he added. Following the recovery process, the case has been transferred to Aditya Amlan Biswas, who heads the authority under the Banning of Unregulated Deposit Schemes (BUDS) Act. According to Guled, Biswas will supervise the distribution of recovered funds to investors. He also noted that the district administration had conducted a raid on the company and initiated legal proceedings before the scheme eventually collapsed.

The probe has identified a deficit of Rs 660 crore, of which officials believe nearly Rs 330 crore can still be recovered. Investigators have also found that about 40,700 individuals invested in the scheme.

The Crime Investigation Department (CID) has officially exposed an alleged large-scale financial fraud mastermind by Shivananda Neelannavar, uncovering a sophisticated Ponzi scheme that has affected thousands of investors. Addressing a press conference on Saturday, CID Deputy Inspector General (DIG) of Police Bhimashankar Guled outlined the extent of the fraud and the measures being taken to recover the funds. "It has been proven that Shivananda Neelannavar has committed fraud. He was running a Ponzi scheme, using money from new investors to pay interest to earlier investors. He continued this until the interest payouts exceeded the fresh collections," Guled said, news agency ANI reported. According to the investigation, Neelannavar mobilised nearly Rs 2,400 crore from investors. While a substantial amount has already been repaid, around Rs 540 crore was channelled into stock market investments, resulting in losses of approximately Rs 170 crore. The probe has identified a deficit of Rs 660 crore, of which officials believe nearly Rs 330 crore can still be recovered. Investigators have also found that about 40,700 individuals invested in the scheme. Also read: Paper leak, re-NEET and trauma: What's the mental cost of India's medical entrance exam crisis Involvement of an associate The inquiry further revealed the involvement of an associate who allegedly transferred Rs 55 crore from the company to personal accounts. Authorities have seized five luxury vehicles and are in the process of confiscating 11 more. Officials said an additional Rs 400 crore has been returned to investors so far. "We will recover that money and distribute it to the remaining investors," Guled said. "After the FIR was registered, Rs 4 to 5 crore was still deposited. We have found 30 bank accounts, of which 7 accounts received most of the money. One single account has 36,200 pages of transactions, and the investigation is ongoing," he stated. Over the claim of routed money to movie stars through the associate, Guled said, "We will issue notices to them and summon them for questioning." The highest investment has arrived from neighbouring Maharashtra. "We are investigating with the cooperation of Maharashtra police," he added. Following the recovery process, the case has been transferred to Aditya Amlan Biswas, who heads the authority under the Banning of Unregulated Deposit Schemes (BUDS) Act. According to Guled, Biswas will supervise the distribution of recovered funds to investors. He also noted that the district administration had conducted a raid on the company and initiated legal proceedings before the scheme eventually collapsed.

The probe has identified a deficit of Rs 660 crore, of which officials believe nearly Rs 330 crore can still be recovered. Investigators have also found that about 40,700 individuals invested in the scheme.

CID exposes Rs 2,400-crore ponzi scheme in Karnataka; Over 40,00 investors affected in fraud case

Maharashtra Chief Minister Devendra Fadnavis has assured protestors in Pune saying that Crime Investigation Department (CID) would investigate into the death of the youth who died in Bhima Koregaon violence.

28-years-old Rahul died during the clash and is now in&nbsp;Sassoon General Hospital for his post-mortem.

Also read: <a href="http://www.wionews.com/india-news/one-killed-3-injured-in-clashes-at-koregaon-bhima-battle-anniversary-in-pune-28313">One killed, 3 injured in clashes at Koregaon Bhima battle anniversary in Pune</a>

While speaking to media Fadnavis also added that the state government will also request the Supreme Court for a judicial inquiry into Koregaon violence.

Compensation of Rs 10 lakh will also be paid to the victim&#39;s family, announced chief minister Fadnavis.

On Tuesday clashes broke out in Pune between villagers from Maharashtra&#39;s Koregaon Bhima, Pabal, and Shikrapur while celebrating the 200th anniversary of Bhima Koregaon battle.

Around 25 vehicles were set on fire by the protestors.

Also read: <a href="http://www.wionews.com/india-news/watch-protesters-in-chembur-disrupt-traffic-over-bhima-koregaon-clash-28335">Protesters in Chembur disrupt traffic over Bhima Koregaon clash</a>

Union Minister Ramdas Athawale also spoke to Fadnavis, demanded an action over the Koregaon violence.

Also read: <a href="http://www.wionews.com/india-news/bhima-koregaon-row-bbm-leader-calls-for-maharashtra-strike-rahul-gandhi-blames-bjp-28359">BBM leader calls for Maharashtra strike, Rahul Gandhi blames BJP</a>

ANI reported Athawale as saying, &quot;I have spoken to Maharashtra Chief Minister and demanded Bhima Koregaon incident be enquired and an action is taken against the culprits so that such incidents don&#39;t occur. The inquiry must be conducted who planned an attack on the Dalit community.&quot;

Dalit groups who were protesting has also called for a Bandh in Mumbai to seek an action against those who were involved in the violence.

Incidents of stone-pelting and vandalism occurred at Bhima Koregaon in Shiroor tehsil Monday afternoon when people were heading for the war memorial in the village

The Battle of Koregaon was fought on January 1, 1818, between the British East India Company and the Peshwa faction of the Maratha Confederacy, at Koregaon Bhima.

The Marathas ultimately withdrew, fearing the arrival of a larger British force led by General Joseph Smith.

The Company troops of Indian origin included predominantly Mahar Dalit soldiers belonging to the Bombay Native Infantry, and therefore the Dalit activists regard the battle as a heroic episode in their history.

(With inputs from ANI)

On Tuesday clashes broke out in Pune between villagers from Maharashtra's Koregaon Bhima, Pabal, and Shikrapur while celebrating the 200th anniversary of Bhima Koregaon battle

Maharashtra Chief Minister Devendra Fadnavis has assured protestors in Pune saying that Crime Investigation Department (CID) would investigate into the death of the youth who died in Bhima Koregaon violence. 28-years-old Rahul died during the clash and is now in Sassoon General Hospital for his post-mortem. Also read: One killed, 3 injured in clashes at Koregaon Bhima battle anniversary in Pune While speaking to media Fadnavis also added that the state government will also request the Supreme Court for a judicial inquiry into Koregaon violence. Compensation of Rs 10 lakh will also be paid to the victim's family, announced chief minister Fadnavis. On Tuesday clashes broke out in Pune between villagers from Maharashtra's Koregaon Bhima, Pabal, and Shikrapur while celebrating the 200th anniversary of Bhima Koregaon battle. Around 25 vehicles were set on fire by the protestors. Also read: Protesters in Chembur disrupt traffic over Bhima Koregaon clash Union Minister Ramdas Athawale also spoke to Fadnavis, demanded an action over the Koregaon violence. Also read: BBM leader calls for Maharashtra strike, Rahul Gandhi blames BJP ANI reported Athawale as saying, "I have spoken to Maharashtra Chief Minister and demanded Bhima Koregaon incident be enquired and an action is taken against the culprits so that such incidents don't occur. The inquiry must be conducted who planned an attack on the Dalit community." Dalit groups who were protesting has also called for a Bandh in Mumbai to seek an action against those who were involved in the violence. Incidents of stone-pelting and vandalism occurred at Bhima Koregaon in Shiroor tehsil Monday afternoon when people were heading for the war memorial in the village The Battle of Koregaon was fought on January 1, 1818, between the British East India Company and the Peshwa faction of the Maratha Confederacy, at Koregaon Bhima. The Marathas ultimately withdrew, fearing the arrival of a larger British force led by General Joseph Smith. The Company troops of Indian origin included predominantly Mahar Dalit soldiers belonging to the Bombay Native Infantry, and therefore the Dalit activists regard the battle as a heroic episode in their history. (With inputs from ANI)

Devendra Fadnavis announces CID investigation into Pune violence

crime-investigation-department

Crime Investigation Department, News on Crime Investigation Department, stories on Crime Investigation Department, articles on Crime Investigation Department, Crime Investigation Department stories at Wion, Crime Investigation Department news, Crime Investigation Department latest news

crime investigation-department

CID exposes Rs 2,400-crore ponzi scheme in Karnataka; Over 40,00 investors affected in fraud case

Devendra Fadnavis announces CID investigation into Pune violence