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Time of India
4 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.
News18
4 days ago
- Business
- News18
CBI arrests Bengaluru-based chit fund director in Odisha fraud case
Bhubaneswar, Aug 4 (PTI) The CBI has arrested the director of a Bengaluru-based chit fund firm for allegedly duping hundreds of investors in Odisha's Ganjam and Gajapati districts, officials said on Monday. Sivakumar Gangadharan alias G. Sivakumar, who had been dodging police since 2018, was finally arrested by a CBI team from Karur, Tamil Nadu. The accused was the director of RightmaxTechnotrade International Limited. 'A CBI team from Bhubaneswar arrested him on August 3 and produced him before the special CJM court, which remanded him to judicial custody till August 18," officials said. The chit fund firm was promising a monthly return of Rs 1,000 for 33 months on a one-time deposit of Rs 10,000. PTI AAM AAM MNB First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
