VIJAYAWADA: Stating that additional irregularities were unravelled in the operations of Margadarsi Chit Fund Private Limited (MCFPL) during the inspections carried out at the firm’s branches across the State, Andhra Pradesh Crime Investigation Department (APCID) chief N Sanjay said three more FIRs have been registered against the foremen and staff of the company based on complaints received from chit subscribers who have alleged non-payment of prize money and undue harassment for sureties.
Further, he launched a dedicated WhatsApp number-9493174065 for chit subscribers to lodge complaints regarding irregularities at the firm with the investigation officers.
Speaking to reporters at Mangalagiri on Sunday, Sanjay explained, “It has been learnt that the firm was operating ghost subscribers, which means MCFPL was impersonating the common public by forging their signatures and adding them as chit members. We have also found out that branch managers were siphoning off the prize money of subscribers without their notice.”
Elaborating, the APCID chief said, “In the first case, a person who was not a subscriber, came to know that his name was listed in various chit groups. He neither gave his consent nor subscribed to any of the chit groups.”
He alleged that Margadarsi misused his identity for their personal gain. Another complainant from Anakapalle alleged that he had received just Rs 21 as prize money instead of Rs 4.60 lakh.”Asserting that a thorough investigation is underway to identify other irregularities, the APCID chief pointed out that MCFPL flouted The Chit Funds Act and other rules by adding default and ghost subscribers into active chits, thereby causing immense inconvenience to other subscribers by holding the prize money and demanding for extra sureties.
Speaking to TNIE, Sanjay said they are mulling over attaching a few more properties of MCFPL and movable properties of firms in which it has invested illegally to avoid the diversion of money to other firms.
He also disclosed that fresh notices will be served to MCFPL chairman Cherukuri Ramoji Rao and managing director Sailaja Kiron as they failed to heed APCID’s summons on August 16 and 17.
Economic offences wing (EOW) Superintendent of police (SP) Amit Bardar said the company continued to flout rules although strict instructions and provisions were added to The Chit Funds Act following the sensational Saradha Group financial scandal that shook the nation.
“It has been observed that MCFPL foremen were adding names of subscribers without their consent in other groups by forging their signatures and sureties, violating Section 22 of The Chit Funds Act,” he explained. Inspector General (IG) of the Stamps and Registration Department V Ramakrishna urged the public to lodge complaints with officials concerned if they find any irregularities in the functioning of MCFPL.