The Economic Offences Wing (EOW) of the State Crime Branch on Saturday arrested director of chit fund company Sai Pragati Group Udaya Kumar Dalei from his native village of Parjang in Dhenkanal district.
Dalei had been absconding since quite some time.
Sai Pragati has defrauded hundreds of depositors of several crores of rupees by floating attractive schemes with offers of lucrative returns on deposits.
The Crime Branch had investigated the matter after depositors lodged a complaint at the Capital police station here and seized cash worth around Rs 2.77 crore.
The EOW had earlier arrested company managing director Debasish Mohanty and another director Ravishankar Nanda. Both are now out on bail.
Some other directors of the company arrested by the EOW have also been granted conditional bail by the Odisha High Court.