Margadarsi Chit Fund Scam: AP CID summons Ramoji Rao for questioning on July 5 in Guntur
The CID is also expected to issue a summons to MD Sailaja Kiron, A2 in the case. Earlier, Ramoji Rao and Sailaja Kiron were questioned in Hyderabad separately.
By Newsmeter Network Published on 22 Jun 2023 12:27 PM GMT
Guntur: The Andhra Pradesh Crime Investigation Department (AP CID) has summoned media baron and chairman of Margadarsi Chit Fund Private Limited (MCFPL) Cherukuri Ramoji Rao to appear before it for questioning on July 5 at 10.30 am in connection with the Margadarsi chit fund scam. Ramoji Rao, who is the primary accused in the scam, was asked to appear at the unit’s regional office in Guntur.
The summons was issued under section 41-A CrPC by the deputy superintendent of police, CID, Guntur, Ch Ravi Kumar. The CID is also expected to issue a summons to MD Sailaja Kiron, A2 in the case. Earlier, Ramoji Rao and Sailaja Kiron were questioned in Hyderabad separately.
“In order to facilitate a more thorough and effective investigation, and to elicit and obtain clarifying information, it is imperative that you and other accused be examined collectively and simultaneously at the same location,” said a notice issued to Ramoji Rao.
Recently, the additional director general of police CID N Sanjay attached movable properties worth Rs 1,035 crore of MCFPL, and are now in the process of winding up nine branches of the chit fund in Andhra Pradesh. The chit fund company was found violating norms of the Chit Fund Act, 1982, diverting funds to their associate companies, and laundering money by accepting cash subscriptions in high amounts in violation of various prevailing laws.
Seven FIRs were registered upon the complaint of the commissioner & IG, Stamps and Registrations, AP u/s 420, 409, 120(B), 477(A) read with 34 IPC and Sec 5 of APPDFE Act-1999 and Sec 76, 79 of Chit Funds Act 1982 of CID PS, AP, Mangalagiri.
The MCFPL established on August 31, 1962, at Hyderabad has a total of 108 branches in four states - Andhra Pradesh, Telangana, Karnataka and Tamil Nadu. The total number of branches in Andhra Pradesh is 37 with 2,351 chit groups having 1.04 lakh subscribers. For the finance year 2021-22, the annual turnover in Andhra and Telangana states was Rs 9,677 crore.
