Andhra Pradesh: Four Margadarsi Chit Fund Employees Arrested

 - Sakshi Post

Sleuths of the Andhra Pradesh Crime Investigation Department (APCID) arrested four foremen of Margadarsi Chit Fund Pvt Ltd (MCFPL) while probing a case registered against MCFPL and their authorised employees in seven branches following a complaint by the Assistant Registrar of Chits.

The Assistant Registrar of Chits had earlier lodged a complaint against foremen of MCFPL branches located at Visakhapatnam  (Seethammadhara), Rajahmundry,Eluru, Vijayawada (Labbipeta), Guntur, Narasaraopeta and Anantapuram.

The arrested were identified as Kamineni Rama Krishna (Visakhapatnam branch), Satti Ravishankar (Rajahmundry branch), B Srinivasa Rao (Vijayawada branch), and Gorijavolu Siva Rama Krishna (Guntur branch).

During investigation, the CID reportedly noticed that the company was resorting to non-payment of subscription amount into the chit account which it was supposed to pay on par with the subscribers in each chit, violation in maintaining bank accounts to mask the fraudulent activities such diversion of funds for other investments and running illegal deposits scheme.

According to official sources, the firm was subscribing for a minimum of one ticket to maximum of 50% of the tickets on the date of obtaining the certificate of commencement of chit.Later, the tickets in excess of one were replaced with new subscribers. However, in neither of the situations was MCFPL paying the chit subscription which had to be paid on par with other subscribers. “They were not even maintaining statutory ledgers. There were no credit entries for the amounts to be paid by MCFPL into Account No 1 (as deposed by the authorised foreman),” CID sources said.

The sleuths reportedly found that the deficit amount was managed with the amount received from subscribers of one or more chit groups to pay the prized subscriber of another group. Eventually, the foreman was not paying the chit subscription as stipulated under Section 27 and Section 32 of Chit Fund Act.

Also Read: Margadarsi Chit Fund Case: CID Case Against Media Baron Ramoji Rao, Sailaja

whatsapp channel


Read More:

Advertisement
Back to Top