AP CID grills Margadarsi Chit Fund MD Sailaja Kiran in Hyderabad

HYDERABAD: Sleuths of Andhra Pradesh Crime Investigation Department (AP CID) have been questioning Margadarsi Chit Fund Private Limited (MCFPL) Managing Director Cherukuri Sailaja Kiran in connection with the chit funds irregularities case on Tuesday, June 6, 2023. The questioning has been going on since morning at the residence of Margadarsi Chairman and media baron Cherukuri Ramoji Rao’s residence in Jubilee Hills.

The team, which was equipped with cameras and printers, has been grilling Sailaja Kiran to elicit information on the alleged diversion of deposits of chit subscribers into mutual funds by Margadarsi.

The CID team, which is also investigating the possible transfer of funds to other Ramoji group companies, found that the chairman, MD and auditors of the chit fund company were involved in illegal fund transfers. The investigating agency came to the conclusion that the MCFPL violated the rules governing chit fund business and was not in a position to repay the deposits of the chit subscribers when demanded by them.

The Andhra Pradesh government has recently ordered the CID and the state police to attach movable properties worth Rs 793.5 crore of MCFPL. The decision to attach the movable properties of the media baron was taken to protect the interests of the subscribers and depositors.