Undavalli Asks AP, TS CMs to Intervene in Margadarsi Case

Vijayawada: Former MP Undavalli Aruna Kumar has asked Chief Ministers of both AP and Telangana to file their stand in the Margadarsi Financiers case before the Telangana High Court in the form of affidavits.

Speaking to media persons in Rajahmundry on Wednesday, the former MP claimed that the RBI had corroborated his statement made several years ago that the Margadarsi flouted norms by accepting deposits from people and diverting them to promote its businesses, instead of parking them in a nationalised bank as per rules.

Aruna Kumar said as the Telangana High Court will next hear the Margadarsi case on September 11, Chief Ministers from both AP and TG, N. Chandrababu Naidu and A. Revanth Reddy, must file affidavits in the case.

He pointed out that he had been fighting the Margadarsi case for the last 18 years. He underlined that the RBI, in its recent affidavit in the Supreme Court, had stated that Margadarsi flouted norms by accepting deposits and diverting them.

The former MP maintained that this indicated that nobody is behind him except his commitment to fight against such violation of norms. “I have to wage a legal fight until I reach the logical end on the issue, as Margadarsi has filed a defamation suit of ₹50 lakh against me when I exposed their misdeeds while accepting deposits from people,” he explained.

Aruna Kumar alleged that majority of people deposited their unaccounted money in Margadarsi, unlike the regular practice of common people depositing money in chit fund firms to save money to meet their family’s needs.

Referring to a report in a publication called Vote for Democracy, the former MP pointed to the discrepancy in the number of votes polled and counted to the tune of 12.54 per cent in AP and 17.48 per cent in Odisha. He asked the AP government to inquire into this and take action against the publication if the report is wrong.