HYDERABAD: Former MP Undavalli Arun Kumar on Wednesday alleged that there were numerous discrepancies in the 69,531 pages of details submitted by Margadarsi Financiers to the Supreme Court regarding payments made to subscribers.
Attending a hearing by the Telangana HC virtually, the former MP claimed that much of this information was inaccurate, with numerous discrepancies in the addresses and names of subscribers. “Many subscribers are listed without surnames, and those with surnames have incorrect or multiple addresses,” Arun Kumar said.
A bench of Justices Sujoy Paul and Namavarapu Rajeshwara Rao of the Telangana High Court was hearing the long-standing case involving Margadarsi Financiers, following directives from the Supreme Court.
Arun Kumar said that the details provided do not clarify whether the subscriptions were returned to the rightful indivi duals, citing one case where an individual named Jyoti Rao allegedly received over `35 lakh, but his address was incorrect.
He also expressed concern that the public notices issued by the court’s registry, meant to inform affected subscribers, were unlikely to reach the victims. He pointed out that the Supreme Court had appointed him as an assistant in the investigation, instructing him to aid the High Court in uncovering any irregularities.
The former MP said that on August 30, 2024, he filed an affidavit requesting detailed information from Margadarsi, but the requested data, either in book form or on a pen drive, had not yet been provided. “If given access to the details, I could bring the irregularities to the court’s attention,” Arun Kumar said.
He pointed out that the Reserve Bank of India (RBI) had deemed the entire collection of subscriptions by Margadarsi as illegal and recommended legal action. The former MP urged the court to consider the RBI’s findings as part of the investigation.
