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