Andhra Pradesh CID raids branches of Margdarshi Chit Fund over financial irregularities IG News

The Andhra Pradesh Police CID has registered several FIRs against Margdarshi Chit Fund Pvt Ltd for alleged irregularities, including diversion of depositors’ money to mutual funds and speculative markets for personal gains, an official said on Saturday.

The CID termed the irregularities as serious in nature, naming chit fund chairman and media baron Cherukuri Ramoji Rao, company director Sailaja Cherukuri and branch managers at different locations of the firm as accused.

Several CID teams raided Margadarsi branches in Visakhapatnam, Rajahmundry, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur, where searches are on.


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