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Andhra govt orders CID to attach Rs 242 cr assets of Margararsi Chit Fund

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Andhra govt orders CID to attach Rs 242 cr assets of Margararsi Chit Fund

The Andhra Pradesh government on Thursday directed the Crime Investigation Department (CID) to attach the movable properties worth Rs 242 crore of Margadarsi Chit Fund Private Limited (MCFPL), promoted by media baron Ramoji Rao.

Acting on the request by the Additional Director General of Police, Crime Investigation Department, the government issued an ad-interim order.

According to the investigation agency, it noticed during the inspection that certain movable properties are held in the name of the accused company.

The order has been issued under sections 3 and 8 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999.

Crime Investigation Department, Andhra Pradesh, Mangalagiri and the Competent Authority is requested to take necessary further action in the matter as per the provisions of the said Act and the Rules and send compliance report to the government, says the order.

The investigation agency during the inspection noticed that the company diverted the funds to other investments illegally, which violates the Reserve Bank of India (RBI) regulations and the provisions.

Last month, the CID had attached properties worth Rs793 crore on the direction from the government.

Previously, the investigating agency had filed cases against individuals involved in the violations, including Ramoji Rao (Director), Sailaja Kiran (Managing Director), and several others associated with 37 branches of the company.

The CID registered seven first information reports (FIRs) against Ramoji Rao and his daughter-in-law Sailaja Kiran. The FIRS were registered under Sections 120(B) (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), and 477(A) read with 34 (falsification of accounts) of the Indian Penal Code, Section 5 of the Andhra Pradesh Protection of Depositors in Financial Establishments Act, 1999, and Section 76, 79 of the Chit Funds Act, 1982.

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AP CID officials questioning Margadarsi MD

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AP CID officials questioning Margadarsi MD

The AP CID officials are questioning the Margadarsi Chit Funds Company’s managing director Cherukuri Sailaja Kiran at her house in Hyderabad. The officials reached her house along with computers and printers, video cameras to record the entire process.

The officials have been questioning her for the past seven hours. This was the second time that the officials are questioning her. Earlier the officials have also questioned Margadarsi chairman, Cherukuri Ramoji Rao.

The CID alleged that the chairman and the managing director have diverted the Margadarsi deposits to various other businesses of the family. The deposit amounts were also invested in mutual funds, the CID officials said.

The officials found that several offices of Margadarsi located in Andhra Pradesh were sending the deposits collected from the people to the Margadarsi headquarters in Hyderabad. From here, the money is being directed, the CID alleged.

The State government had also issued orders authorising the CID to attach Rs 798 crore cash deposits of the Margadarsi.

Sailaja Kiran had just returned from her foreign trip and had appeared before the CID officials for questioning as per the notice given earlier.

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Jagan Govt issues GO attaching Rs 793 cr from Margadarsi

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Jagan Govt issues GO attaching Rs 793 cr from Margadarsi

The AP State government on Monday issued a GO attaching Rs 793 crore cash from the Margadarsi Chit Fund Company. The CID which is investigating the case reported to the state government about the irregularities in the chit activities of the Margadarsi.

The CID also alleged that the Foremen, Auditor, managing director and the chairman have transferred the chit fund money to the Margadarsi corporate office in Hyderabad and invested the same in the mutual funds against the rules.

The CID further said that the Margadarsi is operating with 37 branches in Andhra Pradesh and every branch was visited and inspected some of the branches over the period. Irregularities were noticed in the branches of Vijayawada, Guntur, Narasaraopet, Anantapur, Eluru, Rajamahendravaram and Visakhapatnam.

Margadarsi auditor, K Shravan, and the foremen of these branches, managing director Cherukuri Sailaja, chairman Ramoji Rao “have conspired and committed the offences,” the government said in the GO.

Margadarsi has 1989 active chit groups operating in its branches in Andhra Pradesh with chit value ranging from Rs 50,000 to Rs 1 crore, the CID said. The state government had asked the CID additional director general to take control over the attached movable property of Margadarsi.

The government also directed the CID to file an application before the court concerned to make orders absolute.

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APCID questions Ramoji Rao, to question Sailaja on April 6

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APCID questions Ramoji Rao, to question Sailaja on April 6

The APCID officials on Monday questioned Eenadu and Margadarsi chairman Ch Ramoji Rao in connection with Margadarsi Chit Fund Private Limited. Ramoji Rao was booked along with his daughter-in-law Sailaja Kiran besides six employees of the Margadarsi Chit Fund Company.

They are accused in the mismanagement of funds in the chit fund company. They were also accused of diverting money from the chit fund company to various other business activities. The public deposits collected from the people were used for non-chit fund activities, the CID said.

Ramoji Rao reported sick and was shifted to his son’s house in Banjara Hills where he was questioned by the CID officials. The CID officials have served notices to Ramoji Rao and his daughter-in-law Sailaja Kiran giving them three dates for their convenience.

CID SP Amit Bardar and other officials questioned Ramoji Rao while he was on the sick bed. The CID legal counsel and other officials were present during the questioning. “We have questioned Ramoji Rao in one case and registered his statement. We will question him once again,” the CID SP told media persons.

The officials have questioned Ramoji Rao for over eight hours on the day. They have reportedly collected crucial information from Ramoji Rao’s disposal, sources said. The officials alleged that the Margadarsi had diverted the funds and invested in mutual funds and share market.

The diversion of the funds was in violation of the Reserve Bank of India rules, the officials said. The officials have so far arrested four managers of the Margadarsi group.

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Andhra CID summons Ramoji Rao, daughter-in-law in Margadarsi case

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Andhra CID summons Ramoji Rao, daughter-in-law in Margadarsi case

The Crime Investigation Department (CID) of Andhra Pradesh on Tuesday served notices to media baron and chairman of Margadarsi Chit Funds Private Limited (MCFPL) Cherukuri Ramoji Rao and his daughter-in-law and managing director of MCFPL Cherukuri Sailaja for investigation into the Margadarsi Chit Fund case.

The CID issued notices under section 160 Criminal Procedure Code to examine them at their residence/office and provided four different dates.

It has asked them to be present at home or appear before it either on March 29 or March 31 or April 3 or April 6.

The probe agency has also summoned branch managers of various branches of the chit fund company.

The notices have been served 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

Acting on complaints by the Assistant Registrars of Chits, CID recently registered multiple FIRs across Andhra Pradesh into alleged chit fund fraud.

The complaints came after the Stamp and Registration department raids on the offices of Margadarsi at several places in Andhra Pradesh and Telangana during October and November last year.

It was allegedly found during rains that the chit fund collections from the branches were being transferred to the corporate office and the huge amounts were being invested in mutual funds.

A case was registered against Margadarsi 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.

Multiple CID teams had conducted searches on Margadarsi branches in Visakhapatnam, Rajahmundry, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur.

Non-payment of monthly subscriptions, illegal diversion of funds to the corporate office, non-disclosure of revenue and expenditure accounts and other irregularities were named by the CID.

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Vundavalli wants to see information on Margadarsi

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Vundavalli wants to see information on Margadarsi

Former Congress MP, Vundavalli Arun Kumar on Saturday asked the state government officials to show him the information collected by the officials during the raids on Margadarsi Chit Funds. Arun Kumar welcomed the officials of the Stamps and Registration Department for conducting raids on the Margadarsi Chit Fund offices.

He said that the Supreme Court is scheduled to hear the case on Margadarsi on December 2 and asserted that the raids must have collected some key information by the officials.

Arun Kumar said that advocates of Margadarsi have tried to inform the court some 12 years ago that the AP government headed by Dr Rajasekhar Reddy had booked the case only due to political vengeance. He said that Margadarsi advocates have told the court that Eenadu group was exposing the failures of the Congress government in the state and the case on Margadarsi was only a vengeance.

However, he said that his advocates and the advocates of the State government have argued that if Eenadu was exposing the corrupt practices of the government, the government too had the right to expose the corrupt practices of Margadarsi.

Arun Kumar expressed confidence that the present raids would bring some information that would help in the speedy disposal of the case. He said that Margadarsi, had earlier told the court that it had stopped collection of deposits, but was now showing the deposits as receipts.

He also recalled that advocates have told the court that Ramoji Rao is not the chairman of Margadarsi but asserted that Ramoji continues to be the chairman of the Group.

Arun Kumar said that he had written to the officials of the stamps and registration department seeking permission to him to personally visit their office and see the data that they have collected from the Margadarsi offices during the raid. He expressed confidence that the officials would help him and give him the information that would help him fight the case in the Supreme Court.

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Stamps and Registration officials conduct searches in Margadarsi Chits

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Stamps and Registration officials conduct searches in Margadarsi Chits

The officials of the Andhra Pradesh Stamps and Registration Department conducted searches in the Margadarsi Chit Fund offices across the state on Tuesday. The officials found several irregularities in the chit fund activities including diversion of money collected from the people through chits.

The officials, during the initial search found that the chit fund company, which is owned by Cherukuri Ramoji Rao of Eenadu Group, had violated the rules and regulations of the Reserve Bank of India and the Chit Fund Act 1971.

There have been cases of violation of rules by the Margadarsi in the past too. Cases were filed based on the complaint given by then Congress MP, Vundavalli Arun Kumar. Though the Telangana High Court had dismissed the case a few days before the State bifurcation, the former Congress MP had challenged the high court orders in the Supreme Court.

The State government too had filed an implead petition in the Supreme Court against the Margadarsi Chit Funds. In turn, Ramoji Rao, too had started a political battle against the ruling YSR Congress through his Eenadu group media houses.

As things stand here, the officials of the Stamps and Registration Department conducted searches in all the offices of the Margadarsi Chit Fund Company. The reports say that the officials have seized some records of the company during their preliminary searches.

It is to be seen how Ramoji Rao would respond to these searches in his Eenadu paper and Etv news channel. Quite interestingly, no media in Andhra Pradesh had reported these searches in the Margadarsi Chit Fund by the state government officials.

The raids were conducted in 18 Chit Fund Companies in the state including Margadarsi Chit Fund Company.

Telugu360 is always open for the best and bright journalists. If you are interested in full-time or freelance, email us at Krishna@telugu360.com.

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