On Monday, Andhra Pradesh CID attached properties worth Rs 793 crore in the Margadarsi chit fund case. Earlier, the CID had filed cases against those involved in the chit fund case.
AP CID has stepped up its investigation in the Margadarsi chit fund company. The chit fund has reported to the state government that irregularities are taking place in the organization. To this end, the AP state government issued a memorandum on Monday attaching Rs 793 crore cash from Margadarsi Chit Fund Company. This can be considered as a key development in the investigation of the guide case.
Recently, CID officials questioned Ramoji Rao and Shailaja Kiran in connection with the Margadarshi case. It is known that CID has already arrested four branch managers of Margadarshi Chit Funds.
The main allegation against Ramoji Rao and others is that they violated the rules and regulations of the Chit Fund Act and diverted the funds. There are allegations of money collected through chits being invested in stock markets and transferred to mutual funds.
CID named Ramoji Rao as A-1 and his daughter in law Sailaja Kiran as A-2 in this case. The cases have been registered against several branch managers of the guide.