Bhubaneswar: The Central Bureau of Investigation (CBI) has arrested a man from Tamil Nadu for allegedly duping small investors in Odisha and other states to the tune of Rs 18.25 crore in a chit fund scam.
The accused has been identified as Sivakumar Gangadharan alias G Sivakumar (49) of Peelamedu area in Coimbatore. He cheated many investors through a fraudulent financial scheme.
He was arrested by a team of CBI officials from the regional office of the central investigating agency in Bhubaneswar from Karur in Tamil Nadu.
The Bengaluru-based firm, of which Shivakumar was a director, had duped hundreds of depositors, including many from Ganjam and Gajapati districts in Odisha. The company had promised a monthly return of Rs 1,000 for 33 months on a one-time deposit of Rs 10,000.
After receiving complaints from several cheated investors in Odisha, the CBI had registered a case against the company and its directors in 2014.
The case involved allegations of fraud, criminal conspiracy and violations of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
While other directors of the company were arrested, Sivakumar had been evading arrest since 2017. The CBI had declared Sivakumar a proclaimed offender in 2019.
CBI sources said the accused was produced before a Special court which sent him to 14 days of judicial custody.
