VIJAYAWADA: The State government has issued ad-interim orders, directing the Andhra Pradesh Crime Investigation Department (AP CID) to attach certain movable properties worth around Rs 15.81 crore of Margadarsi Chit Fund Pvt Ltd (MCFPL) in the alleged chit fund scam, said CID SP Amit Bardar.
In three phases, the State government has attached movable properties worth more than Rs 1,050 crore, which include fixed deposits, shares, the amount invested in mutual funds and the amount collected from chit subscribers.
Amit Bardar said the Home Department issued a GO on Thursday, directing the CID on further proceedings. The move came after the CID reportedly submitted the case developments after questioning MCFPL Chairman Cherukuri Ramoji Rao and Managing Director Cherukuri Sailaja Kiran and branch heads and subsequent search operations in the head office and branches across the State.
Addressing the media on Friday, Amit Bardar said the CID found MCFPL had invested the funds in subsidiary companies of the Eenadu group in the form of share capital and investment in the company as a joint venture. “During the investigation, it came to our notice that Margadarsi had invested Rs 15.81 crore in the subsidiary companies of the Eenadu group. The order has been issued under sections 3 and 8 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999,” Amit Bardar said.
It may be recalled that the CID registered seven FIRs against Ramoji Rao, Sailaja Kiran and branch foremen based on complaints received from the assistant registrar of the Stamps and Registration Department. “The CID filed chargesheets against 15 persons, including Ramoji Rao and Sailaja Kiran in two FIRs (3/2023 and 8/2033) out of a total of seven filed pertaining to the chit fund scam,” he added.
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Amit Bardar revealed that some subscribers, alleged to be agents of the company, filed writ petitions in the High Court seeking injunction orders against the closure of some chit groups operated by MCFPL. “The Registration and Stamps Department has noticed that MCFPL representatives filed the petitions on behalf of subscribers without their knowledge either by using forgery signatures or obtaining the signatures of subscribers by misinforming them,” he said.
It’s vindictive campaign of CID: MCFPL
Responding to the press conference held by AP CID SP Amit Bardar, where he ‘alleged’ that representatives of Margadarsi Chit Fund Private Limited (MCFPL) were indulging in illegal practices, the management of MCFPL termed it a vindictive campaign as the CID targeted the company.
It described the charges of AP CID against the company as a string of lies, which are being published by the vested media to spread misinformation despite the interim relief granted by courts.
“The company once again categorically denies all the allegations made by CID with malicious intent and a sole agenda to tarnish the image of MCFPL and to demolish its business. The company once again reiterates that it has not violated any law of the chit fund Act and is promptly delivering the prize money to subscribers, the MCFPL’s statement read.