A special investigation team (SIT) of the police on Wednesday arrested a director of the Tycoon Empire International Ltd., a Chennai-based multi-level marketing company, allegedly involvement in the Rs.400-crore money-chain fraud case in the State.

The SIT, led by Deputy Superintendent of Police, Vadakara, (Crime Detachment) P.P. Sadanandan, arrested Kripakaran Ramaswamy, 28, a computer engineer, from the Payyoli court premises in the district.

The accused, who hails from Namakkal, Tamil Nadu, is one of the nine directors of the company. He will be produced before the Payyoli Judicial First Class Magistrate in the afternoon, Mr. Sadanandan said.

Last week the SIT had arrested Kamala Kannan and K. Sadasivam, managing directors of the company, in Chennai. Now both of them are remanded in police custody for further investigation, he said.

All the accused were charged under various Sections of the Prize Chits Money Circulation Schemes Banning Act and Section 420 (cheating and dishonestly inducing delivery of property), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document) and 201 (causing disappearance of evidence of offence or giving false information to screen offender) of the Indian Penal Code, he said.