(Image source from: Telugu360.com)

Rs 793 Cr Worth Ramoji's Properties Attached:- After CID alleged that Margadarshi had transferred the chit fund money to some other mutual funds, which is against the rules attached to the properties of Ramoji Rao. Andhra Pradesh government on Monday issued a GO Ms No 104 on May 29th to attach Rs 793,50,72,460/- worth of properties of Margadarshi chit fund. The GO was issued by the Principal Secretary, Harish Kumar Gupta. According to the GO, Margadarshi has diverted the funds and invested illegally by violating the RBI regulations and provisions.

According to CID Margadarshi has 37 branches in Andhra Pradesh and has an active chit ranging from Rs 50,000/- to Rs 1Cr. Margadarshi was established in 1962 in Hyderabad. CID alleged that Margadashi has committed offenses under the provisions of the Chit Funds Act, of 1982. They conducted an inspection at the branches on 15/11/2022 and noticed the violations of provisions of the Chit Funds Act, 1982. During the inspection, a host of offenses were alleged under sections 27,32,31,24 and Form-XXI under rule 28(2). CID also alleged that the stakeholder of the chit fund company Cherukuri Ramoji Rao (Chairman), Sailaja (MD), Bandaru Srinivasa Rao (foreman) and K Shravan has committed offenses.

YSRCP government asked the CID officers to take control of the properties of the Margadarshi.

(Video Source: Sakshi TV)