VIJAYAWADA: A continuing investigation into the alleged multi-crore scam of Margadarsi Chit Fund Pvt Ltd (MCFPL), officials of the Andhra Pradesh Crime Investigation Department (APCID) conducted searches at the offices of the company in seven districts across the State for the second consecutive day on Thursday.
According to sources in the CID, the investigating officers reportedly found that unaccounted money was invested into the company in the form of depositors’ money through fake names. They also reportedly found discrepancies in the issuance of payment slips.
The sleuths examined customer records, documents of chit agreements, electronic documents and others.
Sleuths of the probe agency began searches at the premises of MCFPL’s offices at Labbipet in Vijayawada, Arundalpet in Guntur, Syamala Theatre Junction in Rajamahendravaram, Seethammapeta in Visakhapatnam, Sattenapalli Road in Narasaraopet, Narsigaraopet in Eluru and Lakshmi Nagar
in Anantapur by 10 am and scrutinised various documents and balance sheets, sources said.
The search operations were undertaken as a part of an investigation into the FIRs registered against MCFPL under Sections 420, 409, 120(B), 477(A) read with 34 of IPC, Section 5 of Andhra Pradesh Protection of Depositors Financial Establishment Act and Section 76 and 79 of The Chit Funds Act.
Media baron and Margadarsi Chit Fund Private Limited chairman Ch Ramoji Rao and MD Ch Sailaja were named as accused.“Based on the evidence found in the main office, we are searching related documents in the branches of Margadarsi. The investigation is on to unearth more irregularities,” said the CID officials.