AP issues orders for attachment of another Rs 1581 cr of Ramoji

The State government had issued yet another GO attaching another Rs 1581 crore belonging to the firms of Margadarsi Chit Funds Private Limited chairman Cherukuri Ramoji Rao. The orders were issued on Thursday directing the AP CID to take further steps.

The government had proposed attachment of Rs 226 crore of the Usha Kiran Media Limited and Rs 1355 crore of the Ushodaya Enterprises Private Limited. It was alleged that these funds were diverted by Cherukuri Ramoji Rao and Cherukuri Sailaja Kiran from the Margadarsi Chit Funds Private Limited.

The AP CID officials said that during the course of investigation it was fund that Ramoji Rao and Sailaja Kiran have diverted the subscribers deposits in Margadarsi to these two companies. AP CID SP Amit Bardar told the media persons that the diversion of money was against the rules of the AP Chit Fund Act.

Meanwhile, in a press release, the APCID said that Margadarsi collected signatures of some of the subscribers and filed cases in the high court on their behalf. The CID said that the subscribers were not told about the case. The representatives of the Margadarsi have collected the signatures and filed the cases, the CID said.

The CID also alerted the people against giving their signatures on any papers without reading them. The CID alleged that the Margadarsi representatives were fooling the subscribers by taking their signatures and filing the cases on their behalf.

CID DG Ch Srikanth made an appeal to the Margadarsi subscribers to check the safety of their money in the company as the government had issued attachment notice. The government had already issued two orders earlier on May 29, and June 15 for the attachment of Rs 1035 crore of the Margadarsi Chit Fund Company.