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Home » Bhubaneswar CBI Team Nabs Fugitive Director from Tamil Nadu for Chit Fund Scam

Bhubaneswar CBI Team Nabs Fugitive Director from Tamil Nadu for Chit Fund Scam

Yajati Rout by Yajati Rout
August 4, 2025
in Crime, Twin City
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The Central Bureau of Investigation (CBI) has arrested Shivakumar Gangadharan, alias G. Shivakumar, the prime accused in a multi-crore chit fund scam, from Karur, Tamil Nadu. As the director of Rightmax Technotrade International Limited, Shivakumar was nabbed by the Bhubaneswar CBI team on Sunday, marking a significant breakthrough in a case that has spanned over a decade.


According to CBI officials, Shivakumar had been evading arrest since 2019, when he was declared a proclaimed offender in the chit fund case. The case, registered in 2014, involves allegations of cheating, criminal conspiracy, and violations of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. Rightmax Technotrade, established in Bengaluru in 2010, allegedly defrauded investors of approximately ₹17 crore in Odisha alone by promising high returns, including a 10% monthly profit. The Securities and Exchange Board of India (SEBI) had banned the company from collecting public funds in 2015.

The CBI employed advanced technical tools and intelligence sources to track Shivakumar, who frequently changed his location to avoid capture. Following his arrest, he was produced before the Special CJM Court in Bhubaneswar, which remanded him to judicial custody until August 18.

This arrest underscores the CBI’s relentless efforts to crack down on chit fund scams in Odisha, offering hope to defrauded investors seeking justice and financial security.

The case highlights the broader issue of illegal financial schemes that prey on unsuspecting investors, emphasising the need for stricter regulations and public awareness to prevent such fraud.


 

 

 

Tags: BhubaneswarCBI arrestchit fund scamFinancial Fraudjudicial custodyOdisha InvestorsRightmax TechnotradeSEBIShivakumar GangadharanTamil Nadu
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Yajati Rout

Yajati Rout

Yajati K. Rout is a dynamic journalist at Pragativadi, known for delivering nuanced and impactful storytelling that spans Odisha’s societal fabric to global sports arenas. His reporting navigates seamlessly between grassroots realities, high-profile political developments, and the pulse of international tennis and cricket. With a flair for SEO-driven storytelling and a deep cultural lens, Yajati crafts content that resonates with a diverse readership—bridging insight with accessibility.

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