VIJAYAWADA: Officials of the Economic Offences Wing of the Andhra Pradesh Crime Investigation Department, Revenue, and Stamps and Registration Department continued searches at the 37 branches of Margadarsi Chit Fund Private Limited across the State for the second consecutive day on Friday in connection with the ongoing investigation into the alleged financial irregularities.
The officials reportedly interacted with a few customers present in the branches and took stock of the situation. It is also learnt that CID sleuths collected statements of foremen operating chits in the branches and their bank statements to verify the flow of money and where it was being diverted. They reportedly found that unaccounted money was invested in the company.
The teams from three departments reportedly further examined customer records, old and closed chit agreements, electronic documents and other records pertaining to financial transactions. According to sources, the teams of officials verified the details collected during searches carried out previously at the company’s Hyderabad headquarters, and the residences of Cherukuri Ramoji Rao, MCFPL chairman, and his daughter-in-law Cherukuri Sailaja Kiron, who is also the managing director of the chit fund firm.
CID has registered seven FIRs based on the complaints received from the assistant registrar of the Stamps and Registration Department against media baron Cherukuri Ramoji Rao, Sailaja Kiron and others alleging financial irregularities in the functioning of MCFPL.