Margadarsi Chit Fund

Margadarsi Chit Fund scam: Over 800 subscribers in Andhra Pradesh lost Rs 100 crore 

Accusing the company of operating ghost subscribers and keeping the money to itself, APCID Additional Director General of Police (ADGP) N Sanjay said 40 per cent of chit groups have no subscribers.

published on : 8th September 2023

Margadarsi Chirala branch manager held for forgery in Andhra Pradesh

Bapatla district Superintendent of Police Vakul Jindal informed that prima facie evidence was collected against the accused, and the arrested was produced in court.

published on : 24th August 2023

Telangana High Court refuses to grant interim relief to Margadarsi Chit Fund Private Limited

The court gave verbal instructions to the AP CID not to disclose the details of the case to the media and questioned the agency as to why it was holding a press meeting to disclose the case details. 

published on : 24th August 2023

APCID unearths fresh irregularities in MCFPL

APCID chief N Sanjay pointed out that MCFPL flouted The Chit Funds Act and other rules by adding default and ghost subscribers into active chits.

published on : 21st August 2023

Andhra Pradesh CID continues searches at offices of Margadarsi for second consecutive day

The teams from three departments reportedly examined customer records, old and closed chit agreements, electronic documents and other records pertaining to financial transactions.

published on : 19th August 2023

Andhra Pradesh High Court stays Registrar of Chits’ public notice

The court said the pleas filed by subscribers challenging the closure of chit groups would be merged with the one filed by the Margadarsi Chit Fund Private Limited management.

published on : 12th August 2023

Chit registrars can act on anomalies: Andhra Pradesh AG

With regard to the Prakasam district chit groups case, the AG said the order for closure was given before the public notice was issued.

published on : 10th August 2023

Margadarsi describes public notice of Registrar of Chits as imaginary

A detailed counter was given by the firm to the seven allegations made against it in the public notice.

published on : 31st July 2023

Case booked against MCFPL branch, manager held

The complainant further alleged that the MCFPL branch committed irregularities by operating the chit with 30 members instead of 50.

published on : 21st July 2023

MCFPL case transfer plea: Supreme Court judge recuses

The AP government had contended that even if it is held that a small part of the cause of action may arise in Telangana , the vast majority of cause of action arises in AP. 

published on : 19th July 2023

MCFPL case: Notices sent to subscribers who made cash deposits of over Rs 1 crore

On its part, MCFPL assured its subscribers that they have not violated any provisions of the Income Tax Act or RBI guidelines.

published on : 12th July 2023

Telangana HC notice to Andhra Pradesh govt on MCFPL case

The counsel for the petitioner further claimed that the Supreme Court had often condemned the practice of investigative officers disclosing facts discovered during investigations to the media.

published on : 27th June 2023

Andhra Pradesh govt allows CID to attach Margadarsi’s movable properties worth Rs 242 crore

The State government issued GO 116 on Thursday, authorising the attachment of the financial assets identified by the CID during the course of the investigation.

published on : 16th June 2023

CID to quiz Margadarsi Chairman, MD again for alleged irregularities

She has not given answers to some of our queries during the investigation and even tried to avoid questioning.

published on : 8th June 2023

CID questions Margadarsi MD for 10 hours in Hyderabad

According to sources, the CID sought to know as to where the money collected from depositors was diverted.

published on : 7th June 2023

SC to hear on July 18 A.P.'s transfer plea of Margadarsi Chit case petitions

The State wants writ petitions concerning irregularities alleged against Margadarsi Chit Funds transferred from Telangana to Andhra Pradesh High Court.

published on : 6th June 2023

No Look Out Circulars against Sailaja, Telangana HC told

Counsel for Sailaja told the court that it was believed that the State Government had written to the Centre requesting an LOC against her clients

published on : 2nd June 2023