AP CID serves notices to Margadarsi chairman, MD in chit fund scam
The AP CID in its notice requested the duo to make themselves available at their residence/office on March 29 or 31 or April 3 or 6
Vijayawada: Andhra Pradesh Crime Investigation Department served notices separately to the Margadarsi Chit Fund Private Limited chairman Cherukuri Ramoji Rao and his daugher-in-law and managing director Cherukuri Sailaja in connection with Margadarsi chit fund scam involving diversion of funds to invest in speculative market.
The AP CID in its notice requested the duo to make themselves available at their places of residence/office on March 29 or 31 or April 3 or 6 to enable them to examine them and also asked them to cooperate in the investigation.
The duo were requested to inform the CID about the convenient date and place in advance to the deputy superintendent of police, CID Ch. Ravi Kumar through email ID ‘addlsprocidgtr@gmail.com or WhastApp No. 9490636900.
It may be mentioned that the CID carried out raids on chit fund firms including Margadarsi Chit Fund Private Limited and found a series of violations and booked cases with regard to Margadari under sections 420,409, 120-B, 477 (a) read with 34 of IPC, section 5 of AP Protection of Depositors Financial Establishment Act, 1999 and Section 76, 79 of Chit Fund Act, 1982 at CID Police Station at Mangalagiri in AP.
The CID officials observed that there was no security to the deposits made by the subscribers to the Margadarsi Chit Fund Private Limited as the foremen who were branch managers were having no role to play with the regard to funds deposited except to forward the subscribers’ amount to the company’s head office located in Hyderabad of Telangana.
