Bizodisha Bureau, Bhubaneswar, May 8, 2015 :

The Central Bureau of Investigation (CBI) on Friday arrested Dandapani Sethi, an employee of Zodiac Foundation, on charges of involvement in the multi-crore Odisha chit fund scam.

Zodiac Foundation, a chit fund company, is alleged to have collected crores of rupees from investors under various Ponzi schemes. The company is among 44 chit fund companies operating in Odisha against which the apex court had ordered a CBI probe in the multi-crore chit fund scam.

“The accused was arrested from Phulbani today. On the directions of the Supreme Court in Delhi, a case had been registered by the investigating agency against Zodiac Foundation under sections 420 of IPC and 3, 4 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978,” said a CBI release.

Sethi had vanished after duping investors, who had lodged complaints against him and the company.