Margadarsi Chits Resorted to Irregularities: Asst. Registrar of Chits

The subscribers of Margadarsi Chit Fund were alerted about the criminal violations of the company in its operations. The Assistant Registrar of Chits issued a public notice to the subscribers informing them about the irregularities, diversion of funds and violation of provisions of Chit Fund Act.

The notice also mentioned about the major violations in the functioning of the company owned by Telugu media Moghul Ramoji Rao, who is branded as one among the ‘yellow media’ by Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy. Jagan dubbed media organisations ‘supporting’ the opposition party, Telugu Desam, as yellow media.

The YCP government also initiated a CID probe into the irregularities by Margadarsi. The CID filed cases against the chit fund company.

Since being voted to power, the YSRC government has been at loggerheads with the opposition TD and the media ‘supporting’ it. The TD leaders alleged that the YSRC had been acting in a vengeful manner.