Andhra Pradesh: Multiple CID Teams Search Margadarsi Branches Over Financial Irregularities 

 - Sakshi Post

Amaravati: Multiple CID teams have begun conducting searches at Margadarsi Chit Fund Pvt Ltd branches in various districts of Andhra Pradesh on Thursday morning. As per reports, the CID officials are carrying out raids at the chit fund branches in seven districts. 

The CID officials are searching the depositors' records, documents and electronic documents at Margadarsi branches in Guntur, Vijayawada, Rajahmundry, Visakhapatnam, Eluru, Narasaraopeta and Anantapur.

During investigation, the officials found that Margadarsi Chit Fund Pvt Ltd was involved in alleged irregularities, including diversion of depositors money into mutual funds. The CID team has registered several cases against Margadarsi Chit Fund Pvt Ltd and is investigating the case. 

The investigators had raided the chit fund company’s corporate office in Hyderabad last December and found that the collections from branch offices were being transferred to the corporate office and the money was being invested into mutual funds. Media baron and the chit fund’s chairman Ramoji Rao and company director Sailaja Cherukuri have been named accused number 1 (A1) and accused number 2 (A2) in the case. 

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