The Crime Investigation Department (CID) of Karnataka has exposed a significant Ponzi scheme orchestrated by Shivananda Neelannavar, affecting over 40,700 investors and involving a staggering ₹2,400 crore. CID Deputy Inspector General Bhimashankar Guled revealed that Neelannavar used funds from new investors to pay returns to earlier ones, leading to a financial collapse when payouts exceeded new investments. Currently, ₹540 crore was invested in the stock market, with ₹170 crore lost. Investigators have identified a shortfall of ₹660 crore, of which ₹330 crore is expected to be recovered. The CID has seized five luxury cars and discovered illegal transfers of ₹55 crore to Neelannavar's personal accounts. The investigation is ongoing, with 30 bank accounts linked to the scheme under scrutiny. Authorities are also probing potential connections to celebrities. The case has been handed over to the Head of the Banning of Unregulated Deposit Schemes (BUDS) Act authority for fund recovery.