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

Vijayawada: The state CID has served notices on subscribers who made cash deposits of over one crore in the Margadarsi Chit Funds company. This was done as part of the ongoing investigations into the company’s questionable deals.

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.

This is as part of the CID’s commitment to ensure compliance with the regulations of the RBI and Central Board of Direct Taxes and prevent money laundering, financial fraud and other illicit activities, he stated.

The AP CID urged all the affected subscribers, who had received notices, to fully cooperate with the investigation by providing accurate and timely information.

Notices were served on those who made cash deposits towards their subscription amount in violation of the guidelines set by the RBI and CBDT regarding cash transactions.