The Central Bureau of Investigation has arrested Niranjan Saxena, executive director of Nirmal Infra, from Madhya Pradesh for allegedly duping investors in the chit fund scam in Odisha.

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Saxena was arrested from Madhya Pradesh by CBI and was brought to Odisha on transit remand on Saturday, said sources.

The accused was produced before a local court in Bhubaneswar and sent to Jharpada jail here.

Saxena and his firm are accused of duping investors of Rs 433 crore promising them high returns.

The CBI had arrested the chit fund firm CMD Ashish Chouhan and general manager Abhisekh Chouhan on March 7 this year in Bhubaneswar.

Nirmal Infra allegedly duped millions of investors in Odisha and other states.

The Bhopal-based private company allegedly claimed that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts.