Vijayawada: AP CID would again grill Margadarsi Chit Fund managing director Sailaja Kiran. Notices are to be served on her in this respect soon, officials said on Tuesday.
The state investigation agency maintained that it got only some information about irregularities in the chit fund business being run by Margadarsi from its MD Sailaja Kiran. “She did not give answers to some of our queries during the inquiry.”
A team of the AP CID grilled the Margadarsi managing director for several hours at media baron Ramoji Rao’s residence in Hyderabad on Tuesday in connection with the alleged irregularities in the chit fund business including diversion of depositors’ money into mutual funds and speculative markets. The team comprised SP Amit Bardar and others.
The CID, in its inquiry, found diversion of funds by the chit firm to their associate companies, which is against chit fund laws. It also carried out secret investments and laundering of money by accepting cash subscriptions in high amounts, again in violation of law, and forced the subscribers to retain their money for long periods with the firm with a promise they would be provided interest and security and accepted deposits irregularly.
The CID registered seven FIRs with chairman Ramoji Rao as first accused, Sailaja Kiran as second accused, its foremen as third accused, Margadarsi chit funds company as fourth accused and its principal auditor K. Sravan as the fifth accused.
Though the AP CID questioned all the accused earlier, they gave evasive replies, officials said.
MCFPL has 37 branches and 1.04 lakh subscribers in AP with the total number of chit groups being 351 and its annual turnover in AP and TS in 2021-22 put at 9.677 crore.
Recently, the AP government permitted the CID to attach the properties of the firm worth Rs 793 crore.
