An official of a chit fund firm was on Friday arrested by the CBI on the charge of collecting money from the people under different illegal financial schemes, a CBI official said.
The CBI arrested Zodiac Foundation’s Dandapani Sethi, who was absconding ever since people lodged complaints against him, from Phulbani.
“A case was registered against him and Zodiac Foundation under Section 420 of IPC and Sections 3, 4 and 6 of Prize Chit and Money Circulation Scheme (Banning) Act, 1978,” the CBI official said.
The Ponzi firm has been accused of collecting crores of rupees from the public.
Earlier last year, a local court in Mayurbhanj district had convicted two functionaries of the Zodiac Foundation after finding them guilty of duping people in the name of “multiplying” their deposits.