CID Raids Across AP

 - Sakshi Post

The Crime Investigation Department (CID) has conducted raids at residences of Margadarshi managers and key officials in connection with the Margadarsi Chit fund scam across the state . 

CID has taken Vijayawada branch manager Srinivas into their custody for questioning. 

What is Margadarsi Chit Fund Scam?

The Andhra Pradesh government has impleaded in the Margadarsi chit fund scam case by filing a special leave petition in the Supreme Court earlier this year. Margadarsi is accused of collecting money from its depositors in violation of Reserve Bank of India guidelines. The case against it was first filed by former Minister Undavalli Arun Kumar in 2006. However the case was dismissed in 2014 by the High Court after Ramoji Rao disassociated from the chit fund company. In 2020, Arun Kumar had approached the Supreme Court challenging the 2014 High Court verdict, after which the Andhra Pradesh government impleaded in the case. 

Also Read: Another Congress Loyalist Quits INC For BJP

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