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New Indian Express
04-08-2025
- Business
- New Indian Express
CBI arrests Kovai man from Karur in 2016 money-doubling case
KARUR: A CBI team from Odisha on Saturday arrested a 49-year-old man from his relative's house in Karur in connection with a money-doubling scam unearthed in 2016. The suspect, G Sivakumar of Peelamedu in Coimbatore, is accused of being part of a financial firm that cheated hundreds of people from across the country to the tune of Rs 18.25 crore by promising huge returns against a one-time deposit of Rs 10,000. According to the Karur police, G Sivakumar was an additional director of Rightmax Technotrade International Limited, which operated out of Bengaluru from 2016. The firm lured hundreds, including several from Odisha, by promising a return of Rs 1,000 per month for 33 consecutive months against a one-time deposit of Rs 10,000. When the company failed to fulfil its promise, depositors from Ganjam and Gajapati districts in Odisha lodged complaints with the CBI, the police said. Based on the complaints, the CBI registered a case in 2016, accusing the firm of cheating investors to the tune of Rs 18.25 crore. In 2017, the CBI arrested Srinivasan (56) of Coimbatore, Gunasekaran (52) and Murugavel (52) of Pollachi, and Rabindrakumar Jine (48) of Odisha, who were all directors of the said firm. Sivakumar, however, went into hiding. Following a tip-off that Sivakumar was in Karur, a CBI team from Odisha arrived in Karur on Saturday and nabbed him from his relative's house in Ganapathipalayam. He was taken to the Thanthonimalai police station and later produced before the judicial magistrate court in Karur. He was subsequently taken to Odisha, the Karur police added. Hundreds cheated The suspect, G Sivakumar of Peelamedu in Coimbatore, is accused of being part of a financial firm that cheated hundreds of people from across the country of money to the tune of Rs 18.25 crore by promising huge returns against a one-time deposit of Rs 10,000
Time of India
03-08-2025
- Time of India
Absconding man held by CBI in money laundering case
K 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. Get the latest lifestyle updates on Times of India, along with Friendship Day wishes , messages and quotes !
