Margadarsi Chit Fund Case: AP CID Sends Notices to Subscribers with Huge Cash Deposits

Amaravati: In a fresh development, the Andhra Pradesh Crime Investigation Department (CID), which is probing the financial irregularities in media baron Cherukuri Ramoji Rao owned Margadarsi Chit Funds Pvt Ltd, has sent notices to the selected number of subscribers of the chit fund. 

The probe agency has sent the notices to the subscribers who have made cash deposits over Rs 1 crore in the chit fund groups in gross violation of the guidelines of RBI and CBDT guidelines. 

The notices were served to those subscribers who have deposited cash to the tune of Rs 1 crore in the chit funds, according to a press release from the AP-CID. It said the objective of these guidelines is to prevent financial fraud and money laundering and other financial related activities. 

It may be recalled here that AP-CID has registered seven FIRs against Ramoji Rao and his daughter-in-law and Managing Director of the company Sailaja Kiran and others on charges of financial fraud and cheating. Margadarsi Chit Funds group is accused of violating several key provisions of the Chit Funds Act. 

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