The Andhra Pradesh Crime Investigation Department (CID) has appealed to central enforcement agencies to investigate alleged financial irregularities by Margadarsi Chit Fund Private Limited (MCFPL). The company, promoted by media mogul Ramoji Rao, is accused of unlawful activities such as money laundering, corporate fraud, and tax evasion. The CID alleges the company has helped ghost subscribers to engage in benami transactions, siphoning money, and violating the Chit Fund Act 1982.
The Margadarsi group is also accused of forcing subscribers to retain their money despite a lack of security or interest, thereby violating the established laws of the land. The CID has been investigating the company’s alleged fraudulent activities for some time and has requested timely action be taken against it. The investigations have shown that Margadarsi has violated many key provisions of the Chit Funds Act. The company has 108 branches in four states – Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu – with a total turnover in 2021-22 of Rs 9,677 crore, and 1.04 lakh subscribers in Andhra Pradesh alone.
AP CID Urges Central Agencies to Take Action Against Margadarsi Group
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