Margadarsi scam: AP CID grills Sailaja, summons again
Margadarsi Chit Fund managing director Cherukuri Sailaja
VIJAYAWADA: A team of the Andhra Pradesh Crime Investigation Department, led by SP Amit Bardar, grilled the Margadarsi Chit Fund managing director Cherukuri Sailaja for several hours at her Jubilee Hills residence in Hyderabad on Thursday.
They collected information from her on the Margadarsi chit fund scam involving diversion of huge funds for unlawful investment in the speculative market.
According to AP-CID officials, MCFPL managing director Sailaja is accused 2 in the scam. She has been served with a notice to attend further inquiry at the AP CID’s office in Guntur on April 13. The CID team video-recorded the entire procedure of inquiry while obtaining Sailaja’s statements.
The officials said they would call accused No.1 Ramoji Rao to their office in Guntur, if required, in the course of their investigation. The MCFPL managing director, it is learnt, has not cooperated with the inquiry. She avoided giving details when the officials asked a series of questions on the collection of funds from the subscribers and diversion of such funds to invest in other business interests.
On April 3, the CID officials grilled MCFPL chairman Ramoji Rao, the first accused.
Earlier, the CID officials carried out raids on several branches of MCFPL in AP and also its headquarters in Hyderabad and noticed a series of violations and booked cases under sections 420, 409,120-B, 477 (a) rad with 34 of IPC, section 5 of AP Protection of Depositors Financial Establishment Act, 1999 and sections 76, 79 of Chit Fund Act, 1982 at the CID police station at Mangalagiri in AP.
The CID found that there was no security to the deposits made by the subscribers to MCFPL as the foremen who are branch managers have no role to play with regard to the funds deposited as they were forwarding them to the firm’s headquarter in Hyderabad.
