VISAKHAPATNAM: Former MP Undavalli Arun Kumar has said he will come up with more documentary evidence with regard to Margadarsi case at a roundtable to be organised in Hyderabad next Sunday.Speaking at a roundtable on Margadarsi Chit Fund Private Limited (MCFPL) here on Sunday, Undavalli said he had sought certain documents with regard to Margadarsi and he is expected to get them in the next few days.
He said Margadarsi was claiming that it was following the companies Act instead of the Andhra Pradesh Chit Funds Act. He wondered how a chit fund firm would follow the company Act.Making it clear that he has no personal difference with MCFPL chairman Cherukuri Ramoji Rao, Undavalli said he was only questioning irregularities in Margadarsi. He said his fight against Ramoji Rao was only to expose the irregularities in Margadarsi.
He said former MLC Adireddy Apparao and his son Adireddy Srinivas were arrested for alleged irregularities in the operations of Jagajjanani Chit Fund Pvt Ltd (JCFPL) in Rajamahendravaram. He asked whether there would be one parameter for Ramoji Rao and another for Apparao. He said customers of Margadarsi might have not suffered losses. But investing customers’ money in other businesses was not legal, he pointed out.
Speaking at the meeting, noted chartered accountant Nagarjuna Reddy said the government had initiated steps to check financial irregularities. He said it was because of unrelenting battle of Undavalli, discrepancies in Margadarsi had come to light.
The former MP has the support from all sections of society. Loopholes in the law were used to commit irregularities in case of Margadarsi. “There have been irregularities in Margadarsi since 1980,” he alleged.
Senior journalist KGB Tilak said the first roundtable was held in Tirupati and the second being held in Visakhapatnam. “There is a political mafia in the State. If political and media mafia join hands, it will lead to catastrophe,” he cautioned.
Advocate MSN Sarma said Margadarsi was acting against regulations of the law. “Margadarsi has retained the depositors’ money with it. Where is the money of Margadarsi investors?” he wanted to know.“The government has initiated steps only to check irregularities in Margadarsi. There is a need to curb financial crimes in society,” he said.