Margadarsi Chit Fund Scam: AP CID Issues Notice To Ramoji Rao's Daughter-in-law Cherukuri Sailaja

HYDERABAD/GUNTUR: The Andhra  Pradesh Crime Investigation Department (CID) probing the irregularities and funds diversion in the Margadarsi chit fund case on Tuesday had issued notices to  Margadarsi  MD Cherukuri Sailaja. CID DSP Ravi Kumar issued a notice to her asking her to be available for investigation on four dates 29th or 31st of this month or on the 3rd or 6th of April either at her residence or office.

As mentioned in the notice issued under Section 160 of the CrPC she is supposed to inform them about her availability for questioning. It may be recollected that the CIO had registered a First Information Report (FIR) against the chairman of Margadarsi Chit Funds Private Limited (MCFPL) Cherukuri Ramoji Rao where he is marked as A1 and his daughter-in-law and managing director of MCFPL Cherukuri Sailaja as A2 along with managers of various branches of the chit fund company for alleged cheating, diversion of deposits into mutual funds, which are contingent on capital markets’ risks and violation of Chit Fund Business Act and Reserve Bank of India (RBI) guidelines. 

This was after the AP Stamp and Registration department conducted raids on the offices of Margadarsi Chit Fund Pvt Ltd during October and November months last year at several places in Andhra Pradesh and Telangana.  A case has been registered under Sections 120(B), 409, 420, 477(A) read with 34 of IPC, section 5 of Andhra Pradesh Protection of Depositors, and section 76, 79 of Chit Funds Act (1982).

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