E-Paper
CID issues notice to Ramoji Rao in Margadarsi chit fund case
Rao is also the chairman of the company. Notices were also issued to his daughter-in-law Ch Sailaja Kiran, who is the managing director of the company, an official privy to the development said.
The Crime Investigation Department (CID) of Andhra Pradesh police on Monday issued notices to media baron and Eenadu group chairman Ch Ramoji Rao for questioning in connection with the alleged irregularities in Margadarsi Chit Funds.
Rao is also the chairman of the company. Notices were also issued to his daughter-in-law Ch Sailaja Kiran, who is the managing director of the company, an official privy to the development said.
In the notice issued under Section 160 Criminal Procedure Code, which was seen by HT, CID deputy superintendent of police Ch Ravi Kumar said Rao has ot be questioned as a witness in the Margadarsi case, as it is just and necessary in view of the facts of the case.
He said the investigating agency has to question for effective investigation and to arrive at a better conclusion in the case. “Hence, you are hereby requested to make yourself available at your place of residence or office on March 29 or 31 or April 3 or 6 and co-operate for the investigation,” the CID official said in the notice.
He, however, asked Rao to indicate any of the above four dates convenient to him and also the place well in advance for questioning to the investigation officer either to the email Id: addlsprocidatr@gmail.com or WhatsApp cell No. 9490636900.
On March 11, the CID registered criminal cases Ramoji Rao and Sailaja Kiran, in connection with the alleged irregularities in Mardarsi Chit Funds.
The CID registered FIRs under Sections 120(B) (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating) and 477(A) read with 34 (falsification of accounts) of Indian Penal Code, Section 5 of Andhra Pradesh Protection of Depositors in Financial Establishments Act, 1999 and Section 76,79 of Chit Funds Act,1982.
The FIR named Ramoji Rao the prime accused (A-1) and Sailaja as A-2.
The CID said searches were conducted in the premises of the offices in November 2022 for three days continuously and found several irregularities in the activities of the company.
The CID further said during the search conducted at the corporate office of Margadarsi at Hyderabad from December 14 to 16, it was observed that the chit fund collections from the branches are being transferred to the Corporate Office and the huge amounts in turn are being invested in mutual funds which are contingent on capital markets’ risks.
Efforts to reach the spokesperson of Margadarsi did not succeed, as he did not respond to calls and text messages.
