Aruna Kumar Wants To File Suit Against Ramaji Rao on Chit Fund Business

Kakinada: Rajamahendravaram former MP Vundavalli Aruna Kumar has said he would file another suit against Eenadu group chairman Ramoji Rao.

According to the Chit Fund Act 1982, any person in chit fund business should not do any other business, he told the media at Rajamahendravaram on Friday.

He said that if any person running a chit fund business does another business, he may divert the chit fund amounts to that business and might become bankrupt. If so, the depositors would lose their money. Hence, the law.

Though Ramoji Rao is doing other businesses along with chit fund business, nobody asked him about this. “I will now ask about the other businesses of Ramoji Rao. There is a difference between Company Act and Chit Fund Act and there is no relation between the two laws.”

Speaking about the Supreme Court direction on the Margadarsi case, he said the SC has given a clear direction to Telangana High Court that the case should be opened and a probe done through a retired judicial officer. RBI as also the Andhra Pradesh and Telangana governments would assist the probe.

Aruna Kumar also said the SC has directed him to assist the judicial officer who inquired into the case. RBI would give details about the 45-S section of the Chit Fund Act, and he wants to give details of the depositors.

He said that the Margadarsi stated before the court that the company had paid back the amounts to the depositors including Rs 55 crore of Accrued Deposits. “But, to my knowledge, the accrued deposits may be `900 crore,” he said.

Aruna Kumar said he had opened a gmail account thedepositors@gmail.com and the depositors who have doubts about their drawn amounts can mail their details to this address. He would keep it a secret and the information would be provided to the judicial officer probing the matter.

Aruna Kumar made it clear that he doesn’t want to seek a jail sentence to Ramoji Rao. “My aims is that other chit fund businessmen should not do such law violations in future. Ramaji Rao is a celebrity and he frequently gives moral discourses via his newspaper. He should refrain from committing mistakes and violating laws,” he said.

Aruna Kumar also alleged that the Eenadu daily is publishing news items by distorting facts. “I would conduct an exhibition showing paper cuttings of such distortions of facts published as news items in Eenadu.”