AP CID registered a case against Ch. Ramoji Rao, Chairman, Margadarsi Chit Fund Company

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Vijayawada: AP CID registered a case against the Chairman Ch. Ramoji Rao, Margadarsi Chit Fund Company for violating of the Chit Fund Act 1982. According to the sources, the CID registered a case Ramoji Rao as A-1, Margadarsi Chit Fund MD and his daughter in law Shailaja as A-2 and the Managers of the Chit Fund Company in various districts as A-3.

The AP CID registered a case on the complaint of the Registrars of Chits, Stamps and Registration Department of Kurnool, Ananthapuram, Nellore and Vizag etc. The Chit Registrars complained on Margadarsi Chit Fund Company after their checkings of the records. In their checking they found irregularities and the violations of Chit Fund Act 1982.

They gave a complaint on 10th March 2023 to the CID. The CID conducted raids on Saturday at Margadarsi Chit Fund offices in Vizag, Rajamundry, Guntur, Vijayawada and Nellore simultaneously. Some of the districts Margadarsi Chit Fund Managers are absconded. The CID booked cases under the sections 120 (B), 409, 420 and 477 read with 34 of IPC. And also they registered a case under the section 5 of the protection of the customers in financial act. The case is under investigation.

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