Shivanand Neelannavar in ED custody for alleged Ponzi scheme

It was argued in court that the interrogation of the accused is likely to produce important information about other people involved in the fraud case and the money transactions. | Photo Credit: istock Authorities of the Directorate of Enforcement (ED) have taken Shivanand Neelannavar, the prime accused in the case concerning Shivam Associates, a Belagavi-based entity allegedly running a Ponzi scheme, into custody.The accused was produced before a Belagavi court on Friday. The judge ordered the accused to be remanded in ED custody for 12 days for questioning.Mr. Neelannavar faces serious allegations of collecting over ₹2100 crore from the public by promising exorbitant interest rates but failing to keep his promise. The firm had no permission or clearance from any agency, including the RBI