VIJAYAWADA: The Andhra Pradesh Crime Investigation Department (CID) issued notices to the chairman of Margadarsi Chit Fund Private Limited (MCFPL) Cherukuri Ramoji Rao and the firm’s managing director Ch Sailaja for questioning in the alleged chit fund scam.
Notices were issued to the duo under Section 160 of the Criminal Procedure Code (CrPC) and they were asked to be available for examination at their residence or office on any of the four days —March 29, 31 or April 3 or 6—and cooperate with the investigation.
In the notices issued to them, investigating officer Ch Ravi Kumar said their examination was ‘just and necessary’ for effective investigation and to arrive at a better conclusion.
Ramoji asked to inform the place for questioning
Ramoji Rao and Sailaja were asked to inform the investigating officer in advance about the date and place for interrogation either by mail or WhatsApp.
It may be recalled that the CID had registered an FIR against the media baron, his daughter-in-law Cherukuri Sailaja and managers of various branches of the chit fund company for allegedly cheating, diverting deposits into mutual funds, violating The Chit Funds Act and Reserve Bank of India (RBI) guidelines.
After officials of the Stamps and Registrar Department conducted raids on the offices of the chit fund firm in October and November last year, the investigating agency had registered a case following complaints from assistant registrars.
The case against Margadarsi was booked under IPC Sections 120 (B), 409, 420, 477 (A) read with Section 34, Section 5 of the Andhra Pradesh Protection of Depositors Act and Sections 76, 79 of The Chit Funds Act (1982), in which Ramoji Rao has been named as accused number one, Sailaja as the second accused followed by heads of various branches.