AP CID is conducting investigations into seven cases
PNS | VIJAYAWADA
CID IGP Srikanth and SP Amith Baddhar said that they had identified many irregularities during the investigations in Margadarsi Chit Fund Private Limited (MCFPL), and termed it a ‘corporate fraud’. Addressing media persons on Friday, the CID officials stated that Margadarsi Chits had collected deposits violating rules, which was a serious offence.
They said that the AP CID was conducting investigations into seven cases filed against key individuals and entities, including Ramoji Rao (A1), Cherukuri Sailaja Kiran (A2), Branch Managers (A3), and Margadarshi Chit Funds Pvt. Ltd. (A4).
They said that on Wednesday, the Principal Secretary (Home) of the Government of Andhra Pradesh issued GO No 134 to attachment of movable assets belonging to Margadarshi Chit Funds Pvt Ltd (MCFPL), which had made investments in the share capital of Usha Kiran Media Ltd and Ushodaya Enterprises Pvt. The authorities had already issued Government Orders No 104 and No 116, which led to the attachment of movable properties of MCFPL, totaling an amount of Rs 1,035 crore.
In two of these criminal cases, namely No 3/2023 and 8/2023, the AP CID has already filed charge sheets against 15 individuals. The charge sheets include Ramoji Rao, Cherukuri Sailaja Kiran, branch managers, the company, and others as accused parties.
The Andhra Pradesh Stamps and Registration Department has issued a number of winding up orders relating to the certain chit groups operated by the Margadarshi Chit Funds Pvt Ltd. These winding up orders were further contested by MCFPL and few subscribers before the courts.
It has come to the notice of the Registration and Stamps Department and who in turn have informed CID, that allegedly the writ petitions filed by some of the subscribers were fraudulently signed by misinforming the subscriber to obtain signatures by agents or interested members of MCFPL.
The CID stated that subscribers of MCFPL should read the documents if any produced before you for signatures by any agents or managers of MCFPL. The CID is dedicated to conducting a thorough and impartial investigation into these cases to ensure that justice prevails. The department will keep the media and the public informed of further developments as the investigations progress.
