AP CID summons Ramoji Rao, Sailaja for effective investigation

PTI | Chennai | Updated: 28-03-2023 11:40 IST | Created: 28-03-2023 11:33 IST
AP CID summons Ramoji Rao, Sailaja for effective investigation
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The Andhra Pradesh Police CID has served summon notices to Cherukuri Ramoji Rao and Cherukuri Sailaja, top officials of Margadarsi Chit Fund Pvt Ltd for effective investigation, an official said on Tuesday.

The CID official gave a choice of four days, Wednesday, Friday, Monday or Tuesday, April 6 to be available at their residence or corporate office at Fateh Maidan Road in Hyderabad.

Rao is the chairman of the chit fund company while Sailaja is the managing director.

''In view of the facts of the case, for effective investigation and to arrive (at) better conclusion, I, being the investigating officer of the…crime feel that your examination is just and necessary,'' the DSP rank CID official said in the notice. Requesting Rao and Sailaja to cooperate, the official asked them to intimate their convenient date, citing cases booked under IPC Sections 420, 120 – B, 477 (a) read with 34 and Section 5 of AP Protection of Depositors Financial Establishment Act, 1999.

The official also cited cases booked under Sections 76 and 79 of Chit Fund Act, 1982 at CID police station in Mangalagiri.

Recently, the CID has registered multiple FIRs against Margadarsi for a string of alleged irregularities, including diversion of depositors’ money into mutual funds and speculative markets for personal gain, including arresting some employees of the company.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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