VIJAYAWADA: The Andhra Pradesh Crime Investigation Department (APCID), which is probing the alleged financial irregularities in Margadarsi Chit Fund Private Limited (MCFPL), reportedly found that the branch managers and staff had forged the signatures of chit subscribers and used them for creating fake entries in other chits to avoid cancellation of chits falling short of members.
CID, Revenue, and Stamps and Registration Department officials conducted searches at 37 MCFPL branches across the State on Thursday and Friday as part of the probe into the alleged financial irregularities. They reportedly found several chit documents with forged signatures in the MCFPL offices during searches.
“The MCFPL staff might have collected extra signatures of subscribers or forged the signatures in order to use them in the future. The Stamps and Registration and revenue intelligence officials have found instances where the branch managers used forged documents in order to continue the chits. Thus the firm had bagged some defaulted chits and held the prize money with it to avoid other subscribers taking the amount,” CID sources said.
It is also learnt that the CID officials collected the details of old chit subscribers of MCFPL to verify whether they received the prize money after the end of chits or not. “The chit tenure depends on the number of subscribers and the total amount. The company is found to have defaulted its subscribers in paying the prize money after the end of chit tenure. The CID is making a list of such subscribers,” sources added.
The CID had registered seven FIRs based on the complaints received from the Assistant Registrar of Stamps and Registration Department against MCFPL Chairman Cherukuri Ramoji Rao, Managing Director Sailaja Kiron and foremen.