Hyderabad: Raids Continue For Day 3 At Margadarsi Chit Funds Head Office

HYDERABAD: Andhra Pradesh Stamps and Registration and Revenue Intelligence officials are conducting extensive searches at Margadarsi Chit fund headquarters in Hyderabad for the third consecutive day on Friday. The searches are part of the investigation into the financial irregularities and diversion of funds to other groups of Margadarsi. which started on December 14 in the Corporate office of Margadarsi Chit Fund company owned by media baron Ramoji Rao.

Initially, the Margadarsi officials refrained from cooperating with the officials during the first two days. Several key documents have already been seized. Officials discovered that fixed deposits were collected against the Chit Fund company guidelines. In Andhra Pradesh officials of the Stamps and Registration Department have already conducted three rounds of searches at the guide offices. As part of this investigation, officials have conducted inspections at the Margadarsi corporate office located at Fateh Maidan in Hyderabad based on the information available during the earlier inspections.

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