AP govt issues orders to attach Rs 15.8 crore movable properties of  Margadarsi

Amit Bardar said the Home Department issued a GO on Thursday, directing the CID on further proceedings.

Published: 29th July 2023 06:32 AM  |   Last Updated: 29th July 2023 06:32 AM   |  A+A-

Andhra Pradesh Crime Investigation Department (CID)

Andhra Pradesh Crime Investigation Department (CID). (Photo | Twitter)

By Express News Service

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.

ALSO READ | Margadarsi faces closure in 4 States?

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.

Follow The New Indian Express channel on WhatsApp


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp