Bhubaneswar CBI team arrests declared offender in chit fund scam from Tamil Nadu after 7 years

In a significant development in the long-running investigation into chit fund scams in Odisha, the Central Bureau of Investigation (CBI) has arrested Shivkumar Gangadharan, a declared offender who had been absconding for several years. He was apprehended from Coonoor in Tamil Nadu by a team of officers from the Bhubaneswar CBI office.

Shivkumar Gangadharan, a former director of Rightmax Technotrade International Ltd, had been evading arrest since 2018. 

According to CBI officials, he frequently changed his locations to mislead investigating agencies and had been using forged identity documents to conceal his real identity. After receiving credible intelligence, the CBI team launched a covert operation in Tamil Nadu and successfully tracked him down in Coonoor, where he was living under a fake name.

The chit fund cheating case against Gangadharan dates back to 2014, when several investors lodged complaints alleging massive financial fraud. The company he headed is accused of collecting large sums of money from unsuspecting individuals under the promise of high returns. 

In 2019, after multiple summons were ignored and his whereabouts remained unknown, Shivkumar Gangadharan was officially declared a proclaimed offender by the court.

Following his arrest, the accused was brought back to Bhubaneswar and produced before a designated court. He has now been remanded to 14 days of judicial custody under the orders of the CBI special court. 

Officials said that further interrogation will be carried out to gather more details about the extent of the fraud and identify other associates who may have aided him during his time in hiding.

This arrest is being seen as a major success for the CBI in its ongoing crackdown on financial fraudsters and chit fund scamsters in Odisha. The agency reaffirmed its commitment to bringing all offenders to justice, no matter how long they remain at large.

Sources said the CBI will now focus on recovering the siphoned funds and compensating the victims of the scam. Further investigation is underway.