PNS | Vijayawada
For the second day on Friday, the Andhra Pradesh Crime Investigation Department (AP CID) officials, along with Stamps and Registrations officials, conducted raids at various branches of Margadarsi Chits Pvt Ltd across the state. During the raids the officials found that none of the Margadarsi chit fund branches had funds pertaining to that branch and all the funds were diverted to the Margadarsi main branch violating the rules of Chit Fund, according to the officials.
The raid on the second day was carried out at 37 branches of Margadarsi Chit Fund across Andhra Pradesh by CID and Stamps and Registration officials. During the raids, the officials seized key documents pertaining to Margadarsi chits. On Thursday too, the officials conducted raids and found many irregularities in the transaction which were against chit fund rules.
