A CBI team from Odisha arrested G Sivakumar, 49, from his relative’s house in Karur on Saturday for his alleged involvement in a massive money-doubling scam uncovered in 2016.
Sivakumar, a resident of Peelamedu, Coimbatore, was an additional director of Rightmax Technotrade International Limited, a Bengaluru-based firm that duped hundreds of investors nationwide to the tune of Rs 18.25 crore. The company promised a monthly return of Rs 1,000 for 33 months on a one-time deposit of Rs 10,000.
The scam drew complaints from investors, especially from Odisha’s Ganjam and Gajapati districts, prompting the CBI to register a case in 2016. While other directors were arrested in 2017, Sivakumar had been evading arrest until now.
He was taken into custody from Ganapathipalayam in Karur and later produced before the judicial magistrate. Sivakumar is now in Odisha custody as investigations continue.
