Margadarsi scam: AP CID summons Ramoji Rao for questioning in Guntur on July 5

AMARAVATI: The Andhra Pradesh Crime Investigation Department (AP-CID) has summoned business tycoon and media baron Cherukuri Ramoji Rao to appear before it for questioning on July 5, 2023 in connection with the Margadarsi chit fund scam.

The 87-year-old chairman of Margadarsi Chit Funds Private Limited (MCFPL) is accused number one (A1) while his daughter-in-law Ch Sailaja Kiran, who is the Managing Director of Margadarsi, is accused number two in the CID’s case of alleged fraud involving illegal diversion and investment of chit fund money in multiple sectors.

The summons issued under section 41-A CrPC by Deputy Superintendent of Police, CID, Guntur, Ch Ravi Kumar and released to the press on Thursday, asked Ramoji Rao to appear before the investigating officer at its regional office in Kannavari Thota of Guntur at 10.30 am on July 5, 2023.

The CID was also expected to serve summons to other accused in the scam, Sailaja Kiran and G Sivarama Krishna, branch manager of Margadarsi Chit Funds branch at Arundalpet in Guntur.

The CID made it clear that it would like to question all the accused together, collectively and simultaneously at the same location, in order to facilitate a more thorough and effective investigation and to elicit more information in the case.

This is the first time that the CID has summoned all the accused to one place. Earlier, Ramoji Rao and Sailaja Kiran were questioned separately at their residence in Hyderabad. The latest directions of the CID led to speculation that the agency might use its discretion to arrest the accused after the grilling on July 5, 2023.