AP CID Quizzes Margadarsi Chit Fund MD Sailaja for Hours 

Hyderabad: A team of Andhra Pradesh Crime Investigation Department (CID) has been questioning Margadarsi Chit Fund Private Limited (MCFPL) Managing Director Cherukuri Sailaja for over 7 hours in the Margadarsi Chit Fund case on Tuesday. The CID has named company’s chairman Cherukuri Ramoji Rao as accused number 1 (A1) and Cherukuri Sailaja as accused number 2 (A2) while the respective bank manager is A3.

A team of nearly 27 CID sleuths and Superintendents of Police Amit Bardar and Harshvardhan Raju and a woman police officer have been interrogating Sailaja at Ramoji Rao’s residence in Jubilee Hills area of Hyderabad. She is being questioned about the alleged irregularities in the management of the chit fund company including diversion of depositors money into mutual funds and speculative markets for personal gains.

On May 29, the AP CID attached the assets of Ramoji Rao. The CID team attached movable and immovable properties worth approximately Rs 793 crores belonging to the company’s chairman. 

 
The AP CID has already registered cases against Ramoji Rao, Sailaja, and Margadarshi Chit Funds managers and also their auditor for violating the provisions of the Chit Fund Act. The  AP CID has already arrested four branch managers and the auditor in this case.

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