Margadarsi's financial fraud exposed. The questioning of Ramoji Rao and Sailaja Kiron in the Margadarsi Chit Fund case in Hyderabad by the AP CID raised the eyebrows of many. Opposition parties, especially Chandra Babu Naidu's TDP cried foul and suspected conspiracy to implicate and frame Ramoji Rao in false cases.
In the midst of all this, N Sanjay, ADGP, CID speaking to scribes shared ‘Detailed probe required to prevent one of biggest financial frauds’ He added "Margadarsi has exploited weak and innocent subscribers and has a history of accepting deposits illegally by violating Chit Fund Act"
He revealed "The investigation will continue as the Andhra Pradesh government is in the process of preventing one of the biggest financial frauds in the case," Exposing Margadarsi's modus operandi, N.Sanjay said “Diversion of funds to their associate companies and other unknown investments clandestinely, laundering money by accepting cash subscriptions in high amounts in violation of various prevailing laws…,”
On the action taken so far by the CID, Sanjay shared "All the accused in the case including chairman Rao, managing director Sailaja Kiran and auditor K Shravan have been booked as accused in seven FIRs under various sections." He said however, they are not cooperating with the investigation authorities and this is complicating the matters.
