CBI Nabs Chit Fund Fraudster After Years on the Run

The CBI has arrested Sivakumar Gangadharan, the director of a Bengaluru-based chit fund firm, for allegedly defrauding investors in Odisha's districts. He was apprehended in Tamil Nadu after evading authorities since 2018. Gangadharan allegedly deceived people by promising lucrative returns on deposits.

In a significant crackdown, the Central Bureau of Investigation (CBI) arrested Sivakumar Gangadharan, the alleged mastermind behind a chit fund scam, after years of evading the law. Gangadharan, the director of Rightmax Technotrade International Limited, was detained in Tamil Nadu.

The case involves duping hundreds of investors in Odisha's Ganjam and Gajapati districts, where the firm promised attractive returns on investment. Gangadharan had been a fugitive since 2018 and was finally captured by a CBI team from Bhubaneswar.

The chit fund firm was allure investors by promising monthly returns on one-time deposits, a scheme which turned out to be fraudulent. Gangadharan has been remanded in judicial custody, providing a sense of relief to duped investors.

(With inputs from agencies.)