ED files prosecution complaint against Shivam Associates MD and four others over ₹2,459 crore scam

The Enforcement Directorate (ED) has filed a prosecution complaint against Shivananda Nilannavar, Managing Director of Shivam Associates, and four others in the ₹2,459 crore scam. The complaint details how the accused collected ₹2,459 crore from the public by promising a 3% monthly interest on investments. The ED stated that the accused used the collected funds for stock market investments and paid interest to previous investors using money from new investors.