CID raids Margadarsi managers’ homes in AP

Readers are aware that the Andhra Pradesh government has impleaded in the Margadarsi chit fund scam case by filing a special leave petition in the Supreme Court earlier this year.

Amaravati: The Crime Investigation Department (CID) on Saturday conducted raids at residences of Margadarsi managers and key officials in connection with the Margadarsi Chit fund scam across the state and took Vijayawada branch manager Srinivas into custody for questioning.

Readers are aware that the Andhra Pradesh government has impleaded in the Margadarsi chit fund scam case by filing a special leave petition in the Supreme Court earlier this year. Margadarsi is accused of collecting money from its depositors in violation of Reserve Bank of India guidelines.

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The case against Margadarsi was first filed by former MP Undavalli Arun Kumar in 2006. However, the case was dismissed in 2014 by the High Court after Ramoji Rao disassociated from the chit fund company. In 2020, Arun Kumar approached the Supreme Court challenging the High Court verdict, after which the Andhra Pradesh government impleaded in the case.