Andhra Pradesh CID issues notice to Margadarshi high value subscribers
Andhra Pradesh Criminal Investigation Department has issued notices to subscribers of high-value chits in the Margadarshi Chit Funds
Vijayawada: The Andhra Pradesh Criminal Investigation Department (APCID) has issued notices to subscribers of high-value chits in the Margadarshi Chit Funds.
According to a AP-CID release here on Tuesday, it has specially targeted subscribers who made cash deposits in chit groups amounting to over Rs. One crore.
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“These individuals are under scrutiny to determine the nature and legitimacy of their transactions. The CID’s aim is to ensure compliance with the regulations set by the RBI (Reserve Bank of India) and the CBDT (Central Board of Direct Taxes) which are designed to prevent money laundering, financial fraud, and other illicit activities,” it said.
