PNS|Vijayawada
In a significant move by the AP Criminal Investigation Department, (AP CID) to address the violations of regulations pertaining to cash deposits made by subscribers in the financial fraud cases involving Margadarshi Chit Funds Pvt. Ltd. (MCFPL) notices were served to those individuals who have made cash deposits towards their subscription amounts contravening the guidelines set forth by the Reserve Bank of India (RBI) and the Central Board of Direct Taxes (CBDT) regarding cash transactions.
PSR Anjaneyulu, AP DGP (FAC) CID in a release on Tuesday stated that as part of the investigation, they have specifically targeted subscribers who made cash deposits in chit groups amounting to over Rs One Crore. These individuals are under scrutiny to determine the nature and legitimacy of their transactions. The CID’s aim is to ensure compliance with the regulations set by the RBI and the CBDT, which are designed to prevent money laundering, financial fraud, and other illicit activities.
He said the RBI, as the apex regulatory authority in the Indian financial system, has put in place guidelines to maintain the transparency and integrity of financial transactions, particularly in cases involving large sums of cash. The CBDT has also introduced new rules governing cash transactions to enhance compliance and curb illicit practices.
The AP CID urges all affected subscribers who have received notices to fully cooperate with the investigation. By providing accurate and timely information, subscribers can assist the authorities in uncovering the truth and bringing the culprits to justice. The AP CID remains committed to upholding the integrity of the financial system and protecting the interests of the general public. The investigation into the financial fraud cases involving MCFPL is a top priority, and all necessary measures are being taken to ensure a thorough and impartial inquiry.
