Chit fund scam accused arrested from TN
chit fund scam
in Odisha. The arrested accused was identified as Sivakumar Gangadharan, also known as G Sivakumar.
"Sivakumar was a proclaimed offender in chit fund scam involving Rightmax Technotrade International Limited. He was serving as a director of the company and had been on run since 2018 by frequently changing his whereabouts," according to a CBI statement.
The investigation, which commenced in 2014, centred on accusations of fraud, criminal conspiracy, and breaches of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
"Following a court's declaration of him as a proclaimed offender, Sivakumar was located in Karur, Tamil Nadu, through technical surveillance and intelligence gathering. A CBI team from Bhubaneswar arrested him and presented him before the special chief judicial magistrate, who ordered 14 days of judicial custody until August 18," the statement said.
The CBI investigation revealed that the company collected huge funds from unsuspecting investors by offering attractive investment options.
by Taboola
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One particular scheme promised investors a monthly interest rate of 10 per cent on their deposits.
In Feb 2015, SEBI issued directives prohibiting the company from collecting public investments. Official records indicate the company initiated operations in Bangalore in April 2010, subsequently expanding to Odisha and Tamil Nadu. While the company accumulated crores of rupees in Tamil Nadu and Karnataka, it defrauded Odisha investors of about Rs 30 lakh. In Odisha, majority of the affected investors belonged to Ganjam district.
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