Raids On Chit Fund Companies Including Margadarsi Across AP 

Raids On Chit Fund Companies Including Margadarsi Across AP  - Sakshi Post

VIJAYAWADA: The stamps and registration department are carrying out searches against Margadarsi and other chit fund groups and financial institutions across the State of Andhra Pradesh on Tuesday.

As per reports, searches are on across multiple locations including four in Vijayawada. Margadarsi is the flagship chit fund group of media baron Ch Ramoji Rao which 

Officials are verifying records after getting to know that the funds received through the chit funds were being diverted and used for other businesses. They have also received information that the chit fund company management is violating the Chit fund Act of 1982 and rotating the money at higher interests and putting them in fixed deposits. Officials have come to know that they are not maintaining proper accounts and are conducting chit fund business without proper permissions.

In August the state government had impleaded the Margadarsi Financiers case by filing a special leave petition in the Supreme Court over alleged irregularities and misleading investors by collecting deposits without the firm being registered as a non-banking financial institution and claiming it as a chit fund company earlier.

Also Read: Supreme Court Defers Hearing on Amaravati Case to Nov 28

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