Victims Unite Against Margadarsi Chit Funds

Vijayawada: Hundreds of victims of Margadarsi Chit Funds scam have come together to take on the Margadarsi Chit Funds Private Limited (MCFPL). The people who were cheated by the MCFPL formed a ‘Margadarsi Chit Funds Victims Association’ here on Sunday. 

The association aims to provide legal assistance and related help to the victims. Advocate Srinivas, the newly elected President of the association said that they have scheduled a press meet at Vijayawada Press Club at 11 am on February 28, Wednesday where they will explain the problems of the Margadarsi victims. 

Currently, AP-CID is probing the irregularities in Margadarsi Chit Funds Private Limited (MCFPL). According to officials, MCFPL was found to be running 40 percent chit groups of MCFPL without subscribers. The firm takes its own chits in the name of ghost subscribers. 

The investigation agency has also conducted raids on the premises of MCFPL in Visakhapatnam, Rajamahendravaram, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur. It has also registered cases against its chairman Ch Ramji Rao and his daughter-in-law and managing director of the firm Sailaja Kiran. 

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