PNS | Vijayawada
Additional DG AP CID, N Sanjay, has unveiled a web of irregularities within the Margadarsi Chit Fund, shedding light on deceptive practices that have affected numerous unsuspecting investors.
Addressing a press conference on Thursday, Sanjay expressed concern over false stories circulating in the media regarding the CID’s Margadarshi investigation, emphasising the gravity of the situation. He asserted that Margadarsi Chits is embroiled in a massive scam characterised by blatant rule violations, and he urged both the public and subscribers to be aware of the truth behind Margadarsi’s fraudulent activities.
Sanjay disclosed that the CID has alerted I-T and ED officials to the numerous irregularities and scams involving Margadarsi Chits. More than 800 high-value chit subscribers, who collectively invested over Rs 1 crore, were swindled by the company, which claimed to be adhering to all regulations. Shockingly, it was discovered that auctions were not conducted for extended periods, with more than 40 percent of chit groups lacking legitimate subscribers while the company operated its own chits.
Furthermore, Sanjay reported widespread discrepancies across various states, revealing that prepared checks often went unrecorded in the ledger. Subscribers were subjected to harassment and threats, with many not receiving their promised chit amounts. Fraudulent activities were unearthed within nearly every chit group, as the company illicitly claimed chit amounts under the guise of “Ghost Subscribers.”
Sanjay noted that complaints had been filed against Margadarsi in certain instances where individuals’ details were used without their consent. Investigations into these complaints led to the registration of several cases.
In a surprising twist, Sanjay accused the ‘Eenadu’ newspaper of bias, alleging that it had portrayed Margadarsi as a compliant entity following all rules and regulations, thereby shielding it from scrutiny. Contrary to their claims, the CID is now revealing the details of their investigation.
Sanjay highlighted the startling irregularities within Margadarsi, such as over 800 participants in chits exceeding Rs 1 crore, more than 3,000 individuals unaware of chits being operated in their name, and the identification of over a hundred ghost subscribers. The company unlawfully used Aadhaar and other personal details of these ghost subscribers without their knowledge, with each company holding numerous high-value chits.
Sanjay said that assets worth approximately Rs 9 crore had been attached in the Jagajjanani chit fund case. He further elaborated on the case of Annapurna Devi, a resident of Vijayawada, who was allegedly deceived by Margadarsi Chits. Her daughter Priyanka’s signature was forged, and she fraudulently bid for losses with forged signatures while staying abroad. Margadarsi’s branch manager in Labbipet was responsible for cheating Annapurna Devi, as they forged the chit fund agent’s signature at their convenience. Sanjay emphasized the seriousness of these allegations, underscoring the need for a comprehensive investigation into Margadarsi’s operations.