Latest news with #RightmaxTechnotradeInternationalLimited
Time of India
6 days ago
- Business
- Time of India
Chit fund scam accused arrested from TN
Bhubaneswar: CBI on Monday arrested a suspect who had been evading arrest since 2018 in connection with a 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 by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Beautiful Female Athletes Right Now Undo 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.
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
