CBI arrests chit fund scam mastermind in Karur

The Central Bureau of Investigation (CBI) on Sunday arrested in Karur G. Sivakumar, a proclaimed offender in chit fund scam.

The accused, a director of Rightmax Technotrade International Ltd., had been evading arrest since 2018. The case initially registered in 2014 involved allegations of fraud, criminal conspiracy and violations of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

After being declared a proclaimed offender in 2019, Sivakumar was traced in Karur. A CBI team from Bhubaneswar arrested him on Sunday in Karur and produced him before the Special Chief Judicial Magistrate Court which remanded him to judicial custody till August 18, a press release from the CBI said.