AP CID Conducts Search Operations at Multiple Branches of Margadarsi in State 

Amaravati: The Andhra Pradesh Police CID conducted raids on various branches of Margadarsi Chit Fund Pvt Ltd across the state on Thursday. The joint search operation was launched by the officials of AP CID, AP Stamps and Registration department and Directorate of Revenue Intelligence (DRI). 

The AP CID has alleged that Margadarsi is involved in a string of alleged irregularities, including diversion of depositors money into mutual funds and not filing its balance sheets under the Chit Fund Act. 

The officials are conducting searches at 37 branches of Margadarsi. The AP CID had summoned the media baron and Margadarsi chairman Ramoji Rao on Wednesday and the chit fund’s Managing Director and his daughter-in-law Sailaja Kiron was also served notice to appear before it for questioning in the chit fund scam on Thursday. However, both Rao and his daughter-in-law did not appear before the CID at its office in Guntur. 

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