CID to attach Rs 242 Cr assets of Margadarsi:- After CID registered seven FIRs against Ramoji Rao and Sailaja Kiran, Chairman and managing director of Margadarsi chit fund company, the YSRCP government on Thursday directed the CID to attach the assets of Rs 242 Cr of Ramjoi Rao’s Margadarsi Chit Fund Private Limited movable properties.

FIRs were registered under sections 120(B) criminal conspiracy, 420 cheating, 477(A), 409 criminal breaches of trust and 34 Falsification of accounts under the Indian Penal Code (IPC), section 5 of Andhra Pradesh protection of depositors in financial establishments act 1999 and Section 76 and 79 of chit funds.

The FIRs of CID alleged that Ramoji Rao and his daughter in law Cherukuri Sailaja has a connection with illegal funds transfer. CID has already arrested four branch managers and the auditor. On May 29th, CID attached 793 Cr worth of properties of Ramoji Rao’s company. During an investigation, CID noticed transfers against Reserva Bank Of India (RBI) rules.

Andhra Pradesh Chief Minister YS Jagan claimed that the properties were attached in order to save the funds of the chit subscribers. Property attachment order was issued under Sections 3 and 8 of the Andhra Pradesh Protection of Depositors of financial establishment act 1999.

(Video Source: Sakshi TV)