The CID has found that Margadarshi Chit Funds offices have become the hubs for huge black money exchanges. Many money laundering cases have been found from them where black money is reaching the head office from its sub branches in the form of receipts. A team of CID officials conducted searches at seven Margadarshi Chit Funds offices across the state of Andhra Pradesh on Wednesday and collected many important documents. Cases have been filed against A-1, Margadarshi Chit Funds Chairman Cherukuri Ramoji Rao, A-2 Cherukuri Shailaja Kiran, and A-3, branch managers, on charges of diversion of subscriber funds, illegal investments, and collection of illegal deposits. In this case, Ramoji Rao and Shailaja were recently interrogated and searches were conducted at the head office of Margadarshi Chit Funds in Hyderabad and many irregularities were found. As a continuation of those searches, seven Chit Funds branches have been searched.
Starting at 10 am at Guide Offices in Visakha (Seethampeta), they went on to search offices in Rajamahendrava Ram (Shyamala Theater Branch), Eluru (Narsingaraopeta Branch), Vijayawada (Abbipet Branch), Guntur (Arandal Peta), Narasa Raopeta (Sattenapally Road Branch), Anantapur (Lakshminagar Branch). They continues searches even after midnight. are continuing. It is reported that CID officials have found that during the search, they have committed fraud in relation to 12 records that are required to be maintained as per the law. Earlier, it was found that around Rs. 600 crores were illegally transferred to the head office of Margadarshi in the form of cash. Those funds are obtained from the branch offices. The latest investigations focused mainly on the issues of illegal movement of dates.
