AP CID investigation into Margadarshi Chit funds case is going on. As per the rules of RBI, the guide has not been authorized to take deposits of more than Rs 20 thousand, so notices have been issued to all the millionaires who have deposited large amounts.
CID investigation into Margadarshi chit funds transactions has sped up. Chit funds management focuses on bulk transactions. The Reserve Bank is tracing the details of illegal deposits collected in violation of norms. In addition to the 23 chit groups that have already been closed in the guidelines, steps have been taken to close some more groups. Preparations are being made to take over the management of Chittis.
The CID has collected the details of those who have deposited in the name of receipts in 37 Margadarsi Chitfunds offices across the state. The CID officials have already prepared a report with the occupation, businesses, income streams and other details of the depositors. In the first phase, notices were issued to those who deposited more than Rs 1 Cr in chit groups.
CID appealed to all the notified subscribers to cooperate with the investigation by providing accurate information, and bringing the culprits for justice.
CID officials will once again thoroughly examine the details given in writing by the depositors and find out the facts in it. An investigation will be conducted into the aspects of why RBI and Central Board of Indirect Taxes did not follow the rules.