Margadarsi Chit Fund Case: AP CID attaches Rs 242 crore this time
In a major setback to Eenadu group chairman Cherukuri Ramoji Rao, the AP CID on Thursday reportedly attached properties worth Rs 242 crore belonging to the chit fund group
- Andhra Pradesh
NewsTAP Bureau- Updated On:15 Jun 2023 3:44 PM GMT
VIJAYAWADA: In a major setback to Eenadu group chairman Cherukuri Ramoji Rao, the Andhra Pradesh Crime Investigation Department (AP CID) on Thursday reportedly attached properties worth Rs 242 crore belonging to the chit fund group in connection with the Margadarsi Chit Fund Pvt Ltd. fund scam.
The investigation agency has questioned the company’s Director Ramoji Rao and Managing Director Cherukuri Sailaja in connection with the illegal transfer of funds against the provisions of the Chit Fund Act. The AP CID has already arrested four branch managers and the auditor in this case.
On May 29, 2023 the CID attached Rs 793 crore worth of properties of the group after finding out that certain movable properties were registered under the name of the accused company. The attached financial assets include various components such as bank accounts, investments and other forms of moveable properties which have been found to be connected to the ongoing investigation in seven cases registered against Margadarsi Chit Funds, a press note released by the AP CID said.
The AP CID further said that in its investigation, it had discovered these assets and deemed them relevant to the ongoing probe into the financial irregularities.
