TDP leader Bonda Uma said that just for settling scores Jagan Reddy the CM is going against Ramaoji Rao and Margadarsi Chits. Margadarsi is all official and nothing is illegal here he explained.
No customer of Margadarsi has complained against Ramoji so far he stated. This is nothing but political vendetta he charged. The CDI has been probing the Margadarsi Chits and its accounts and this is going against Ramoji Rao.
The Telangana high court directed that the Crime Investigation Department (CID) of the Andhra Pradesh police not to take punitive action against 15 employees of the Margadarsi Chit Funds Private Limited (MCFPL), who were grilled by the agency in connection with the alleged irregularities in the company, people familiar with the matter said.
The Andhra Pradesh CID has attached properties worth Rs 793 crore in the Margadarsi case. During the inspection conducted by the CID, it was discovered that certain movable properties were registered under the name of the accused company.
One of the key observations made during the investigation was that Margadarsi Chit Fund Private Limited had illicitly diverted funds to other investments, thereby violating regulations set by the Reserve Bank of India (RBI) and other relevant provisions.
