Andhra Pradesh Crime Investigation Department – CID served notices separately to the Margadarsi Chit Fund Private Limited chairman Cherukuri Ramoji Rao and his daugher-in-law and managing director Cherukuri Sailaja in the connection with the Margadarsi chit fund scam involving the diversion of the funds to invest in speculative market.
A few months ago, the Stamps and Registrations Department and Andhra Pradesh CID conducted searches at the offices of the guide on the allegations that he was committing irregularities in the activities of the guide. The government audits revealed that the Chit Funds Regulatory Act was in violation of the Chit Funds Regulatory Act. On the other hand, Margadarshi approached Telangana High Court on the allegations of bias against organization. Telangana High Court has ordered not to take any action . In this context, Margadarshi MD received a notice from AP CID.
Notices have been served for the cheating, diversion of deposits into the mutual funds, which are contingent on capital markets’ risks and the violation of the Chit Fund Business Act & the Reserve Bank of India guidelines.
In the CID notice, , it has been mentioned that Shailaja can attend the inquiry at her residence and office in Hyderabad. CID has asked her to attend the hearing sometime on March 29, 31, April 3 and 6. Shailaja Kiran said that the suitable date for attending the trial should be known in advance. CID DSP Ravikumar has served notices to provide information to CID mail or WhatsApp numbers.