AP CID arrests four Margadarsi foremen; investigation in progress
1 year, 10 months ago

AP CID arrests four Margadarsi foremen; investigation in progress

Deccan Chronicle  

HYDERABAD: The state CID has arrested four foremen of M/s Margadarsi Chit Funds Pvt Ltd during searches in seven of its branches, citing violation of norms, officials reported on Sunday. According to the CID, complaints were received from the Assistant Registrar of Chits against M/s Margadarsi Chit Funds and their authorised foremen of branches at Visakhapatnam ; Rajahmundry, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur. The officials said they detected non–payment of subscription amount into the chit accounts, which the firm, MCFPL, is supposed to pay on par with the payment from the subscribers in each chit. “Vacant chit tickets were shown as ‘subscribed’ by MCFPL and chit tickets of defaulted subscribers till replacement of these tickets through other new subscribers by way of assignment of chit ticket.” “The deficit amount is managed by way a juggling with the amount received from one or more chit groups’ subscribers to pay the prized subscriber of another chit group.

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History of this topic

Man Accused of ₹2.65 Crore Chit Fund Fraud Arrested in Andhra Pradesh
2 months, 3 weeks ago

Man Accused of ₹2.65 Crore Chit Fund Fraud Arrested in Andhra Pradesh

The Hindu  

A man has been arrested in connection with the ₹2.65 crore chit fund fraud in Hyderabad. Malineni Seetha Ramaiah, a resident of Quthubullapur, was arrested by the Cyberabad Economic Offences Wing (EOW) in Nandigama of Andhra Pradesh on Tuesday. Ramaiah was involved in the business for the last 30 years and was well-known among the residents in the area who …

Hyderabad Cops arrest 3 persons in Rs 200-cr investment scam
7 months, 2 weeks ago

Hyderabad Cops arrest 3 persons in Rs 200-cr investment scam

Deccan Chronicle  

Hyderabad: Telangana State Cooperative Apex Bank’s general manager Nimmagadda Vanibala was arrested by Hyderabad Central Crime Station police for embezzling `200 crore in the name of deposits. The police said Vani Bala collected more than `200 crore from around 532 victims in the name of Sri Priyanka Enterprises. Meka Nethaji initially established Sri Priyanka Finance and Chits to conduct daily …

Hyderabad: 2 Held for Rs 2-Cr Chit Fund Fraud
11 months, 1 week ago

Hyderabad: 2 Held for Rs 2-Cr Chit Fund Fraud

Deccan Chronicle  

The special team of Madhapur police arrested two chit fund organisers for cheating hundreds of gullible investors to the tune of Rs 2 crore across the state. The accused opened a chit fund company named Samathamurthy Chit Fund Private limited six months ago and were functioning in their three branches at Madhapur, LB Nagar and Kukatpally, the police said. According …

HC directs AP not to conduct inspections on Margadarsi branches
1 year, 4 months ago

HC directs AP not to conduct inspections on Margadarsi branches

Deccan Chronicle  

VIJAYAWADA: The Andhra Pradesh High Court has directed the AP government not to conduct any inspection on the branches of Margadarsi Chit Funds except in strict compliance with provisions of Section 46 of the Chit Funds Company Act. The court observed, “Section 46 of the Act, provides for inspection of chit books and chit records during the working hours on …

Vijayawada court summons seven accused in Margadarsi chit fund scam
1 year, 5 months ago

Vijayawada court summons seven accused in Margadarsi chit fund scam

Deccan Chronicle  

Vijayawada: The first additional district sessions court in Guntur summoned seven suspects in the Margadarsi chit fund fraud to appear for a hearing in a criminal defamation complaint filed by the APCID for defaming it by publishing a disparaging and venomous article in Eenadu on April 13, 2023. On Thursday, additional advocate general Ponnavolu Sudhakar Reddy told media that the …

CID cautions chit subscribers against signing on papers without verification
1 year, 5 months ago

CID cautions chit subscribers against signing on papers without verification

Deccan Chronicle  

Vijayawada: The state CID has cautioned the Margadarsi Chit Funds subscribers against appending their signatures on documents at the behest of any agent or manager without proper verification. The stamps and registration department issued orders to several MCFPL chit groups to wind them up for norms violations in running them while Margadarsi and a few subscribers challenged such orders in …

AP CID serves notices on Margadarsi subscribers who deposited over Rs.1 cr
1 year, 6 months ago

AP CID serves notices on Margadarsi subscribers who deposited over Rs.1 cr

Deccan Chronicle  

Vijayawada: The state CID has served notices on subscribers who made cash deposits of over one crore in the Margadarsi Chit Funds company. In a release, CID director general PSR Anjaneyulu said on Tuesday that the department specially targeted the subscribers who made huge cash deposits in the chit groups, to find out the nature and legitimacy of their transactions. …

Margadarsi Responsible for One of Biggest Financial Frauds': AP CID
1 year, 6 months ago

Margadarsi Responsible for One of Biggest Financial Frauds': AP CID

Deccan Chronicle  

Hyderabad: The Andhra Pradesh CID, which is investigating alleged violations by Margadarsi Group, on Tuesday claimed they are “in the process of preventing one of the biggest financial frauds ever committed” under the guise of a chit fund. Andhra Pradesh CID chief N. Sanjay, addressing mediapersons in Hyderabad, said: “Margadarsi Group is accepting deposits illegally, violating the Chit Funds Act, …

Margadarsi: AP issues order to attach properties worth Rs 242.03 Cr
1 year, 6 months ago

Margadarsi: AP issues order to attach properties worth Rs 242.03 Cr

Deccan Chronicle  

Vijayawada: The Andhra Pradesh government has issued an ad-interim order to attach movable properties worth Rs 242.03 crore belonging to the Margadarsi Chit Fund Pvt Ltd, which is involved in a chit fund scam. Home principal secretary Harish Gupta issued GO Ms 116 on Thursday, allowing the AP CID to attach the properties of MCFPL worth Rs 242.03 crore. The …

MPs support CID action against Jagajjanani chits
1 year, 8 months ago

MPs support CID action against Jagajjanani chits

Deccan Chronicle  

Kakinada: Rajya Sabha member Pilli Subhashchandra Bose and Rajamahendravaram MP Margani Bharat have defended the action AP CID has taken against Jagajjanani Chit Fund Company. Incidentally, Jagajjanani Chit Fund Company is run by Telugu Desam leader Adireddy Appa Rao and his son Adireddy Srinivasa Rao. Bharat pointed out that many chit fund companies divert funds to other businesses in violation …

Appa Rao, son Srinivasa Rao held for Chit fund Rs.11 crore fraud
1 year, 8 months ago

Appa Rao, son Srinivasa Rao held for Chit fund Rs.11 crore fraud

Deccan Chronicle  

KAKINADA: The CID on Sunday arrested senior Telugu Desam leader and former MLC Adireddy Apparao his son Srinivasa Rao the husband of Rajamahendravaram Urban MLA Adireddy Bhavani. As per a charge-sheet, “At the time of commencement of new chit croups, the company submitted agreements it entered with new chit subscribers to the assistant registrar of chits and it would submit …

AP CID serves notices on Ramoji, Sailaja in Margadarsi chit fund scam
1 year, 9 months ago

AP CID serves notices on Ramoji, Sailaja in Margadarsi chit fund scam

Deccan Chronicle  

Vijayawada: The Andhra Pradesh Crime Investigation Department has served notices separately on the Margadarsi Chit Fund chairman Cherukuri Ramoji Rao as also his daughter-in-law and managing director Cherukuri Sailaja in connection with the unlawful diversion of funds for investment in the speculative market. The CID had recently carried out raids on chit fund firms including the Margadarsi, detected a series …

AP to conduct detailed audit at all 37 branches of Margadarsi
1 year, 9 months ago

AP to conduct detailed audit at all 37 branches of Margadarsi

Deccan Chronicle  

VIJAYAWADA: The Andhra Pradesh government would conduct a detailed audit on all 37 branches of the Margadarsi Chit Funds Pvt Ltd under Section 61 of the Chit Funds Act, 1982. “Hence, there was a need for a detailed audit report to unearth the irregularities committed by the company.” The qualified auditor came up with findings in the audit as per …

APCID asks central agencies, other states to examine financial lapses by Margadarsi
1 year, 10 months ago

APCID asks central agencies, other states to examine financial lapses by Margadarsi

Deccan Chronicle  

VIJAYAWADA: The Andhra Pradesh Crime Investigation Department is taking up a detailed probe into the financial irregularities in Margadarsi Chit Fund Pvt Ltd by involving several central agencies to examine several aspects, initiate action and safeguard the interests of chit subscribers in AP and elsewhere. CID additional DGP, N. Sanjay, said in a release here on Wednesday that specialised wings …

Andhra Pradesh likely to order shut down of Margadarsi
1 year, 10 months ago

Andhra Pradesh likely to order shut down of Margadarsi

Deccan Chronicle  

VIJAYAWADA:The Andhra Pradesh government is likely to order the winding up of operations of the Margadarsi Chit Fund Pvt Ltd in the state following the detection of a series of violations like diversion of funds and investing them in speculative markets. “The foremen functioning as branch managers had no role to play except to forward the subscribers’ sums to the …

CID searches Margadarsi offices in AP, seize records, book Ramoji Rao, Sailaja
1 year, 10 months ago

CID searches Margadarsi offices in AP, seize records, book Ramoji Rao, Sailaja

Deccan Chronicle  

Vijayawada: Crime Investigation Department teams carried out simultaneous searches at the branches of Margadarsi Chit Funds Private Limited located in Visakhapatnam, Rajamahendravaram, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur on Saturday. The searches comes a day after FIRs were registered on Friday under relevant sections and company’s chairman Cherukuri Ramoji Rao, managing director Cherukuri Sailaja, and branch managers of the company …

Irregularities found in 35 chit fund companies
2 years, 1 month ago

Irregularities found in 35 chit fund companies

Deccan Chronicle  

Vijayawada: Commissioner of state Registration & Stamps department, V. Ramakrishna, said on Friday that irregularities were detected in 35 chit fund companies in Andhra Pradesh and legal action would follow. There exist 587 branches of about 423 chit fund companies, through which 6,868 chit groups are working and their annual turnover was Rs 638.99 crore, he said. The workshop aimed …

None above law, says minister in Margadarsi case
2 years, 1 month ago

None above law, says minister in Margadarsi case

Deccan Chronicle  

VIJAYAWADA: Irrigation minister Ambati Rambabu on Friday has brushed aside allegations that the state government was victimising Margadarsi Chit Fund Company. Addressing the media here, he underlined that the stamps and registration department had conducted raids against various chit fund companies across the state for violation of laws. The minister said Margadarsi chits was delaying payment of prize money to …

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