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