Margadarsi Chitfund: CID cases against Ramoji Rao, Shailaja Kiran
Multiple CID teams raided Margadarsi Chit Fund Private Limited branches in Visakhapatnam, Rajamahendravaram, Eluru, Vijayawada, Guntur, Narasapeta, and Ananthapuram
- Andhra Pradesh
NewsTAP Bureau- Updated On:11 March 2023 3:37 PM GMT
VIJAYAWADA: The Crime Investigation Department (CID) of Government of Andhra Pradesh filed a case against Margadarsi Chairman Cherukuri Ramoji Rao, MD Cherukuri Shailaja, and other branch managers on Saturday.
Multiple CID teams raided Margadarsi Chit Fund Private Limited branches in Visakhapatnam, Rajamahendravaram, Eluru, Vijayawada, Guntur, Narasapeta, and Ananthapuram. The CID questioned the foremen and recorded their statements.
All the records were examined and incriminating documents were seized. The foremen of Narasaraopeta, Eluru and Anthapuram branches were absconding. The search process is still going on.
Many irregularities and violations of rules and regulations were discovered during the search of M/s. Margadarsi Chit Funds Private Limited's Chit Units, according to a CID release.
The Stamps and Registration Department has identified large-scale irregularities in the guidelines during the audit.
The CID had received complaints from the assistant registrars of Visakhapatnam, Kakinada, Eluru, Vijayawada, Guntur, Palnadu, Kurnool, and Anantapur chits. The cases were registered based on complaints from the assistant registrars.
A case was registered under IPC Sections 120B, 409, 420, 477(A), and 34. A complaint was filed under the Financier Establishment Act's Section 5, AP Depositor Protection. The CID identified Cherukuri Ramoji Rao the accused A1, Cherukuri Shailaja the accused A2, and the branch managers the accused A3.
