CID summons Ramoji Rao, Sailaja on July 5
MCFPL is facing allegations of transferring money collected from the subscribers from the branches to the corporate office and investing the sum in mutual funds.
VIJAYAWADA: Andhra Pradesh Crime Investigation Department (CID) has served notices on Margadarsi Chit Fund Private Limited (MCFPL) chairman Cherukuri Ramoji Rao and managing director Ch Sailaja Kiron, asking them to appear before it on July 5 at its Mangalagiri office.
MCFPL is facing allegations of transferring money collected from the subscribers from the branches to the corporate office and investing the sum in mutual funds.APCID DSP Ch Ravi Kumar issued the notices under CrPC Section 41-A (1). “In order to facilitate a more thorough and effective investigation and to elicit and obtain clarifying information, it is imperative that you and the other accused be examined collectively, simultaneously, and at the same location,” the notices read.
On an earlier occasion, the CID had issued notices to Ramoji Rao, Sailaja and others under Section 160 of CrPC, directing them to appear before it at the Mangalagiri office. The investigation agency had questioned the duo at their residence in Hyderabad following court directions.
After officials of the Stamps and Registration Department raided the offices of Margadarsi at several places in Andhra Pradesh and Telangana in October and November last year, the CID registered a case against the firm under IPC Sections 120(B), 409, 420, 477(A) read with 34, Section 5 of Andhra Pradesh Protection of Depositors Act and Section 76, 79 of The Chit Funds Act, 1982.