Absconding man held by CBI in money laundering case
arur: A 49-year-old man from Coimbatore, wanted in connection with a money laundering case in Odisha, was arrested by a team of CBI officials from Bhubaneswar in Karur on Sunday.
The accused, G Sivakumar, a native of Peelamedu in Coimbatore, had been absconding since 2017 after cheating many people across the country through a fraudulent financial scheme. Sources said he was part of a six-member group that operated a bogus financial institution out of Bengaluru since 2016, promising to double investors' money through online advertisements. The firm collected crores of rupees from unsuspecting investors, including victims from Odisha.
When neither interest nor refunds were paid, defrauded investors filed a complaint in Odisha's Ganjam and Gajapati, following which the case was transferred to CBI.
While five of the accused were arrested earlier, Sivakumar had remained elusive. Acting on a tip, a five-member CBI team traced him to a relative's house in Ganapathipalayam near Thanthonimalai in Karur. With the permission of the Karur district superintendent of police Josh Thangiah, the team arrested Sivakumar on Sunday.
He was initially held at Thanthonimalai police station and later taken to Karur govt medical college hospital for medical examination. Sivakumar was then transported to Bhubaneswar for further investigation.
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