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Amaravati, March 28 (). Andhra Pradesh’s Criminal Investigation Department (CID) on Tuesday issued notices to media baron and Chairman of Margdarshi Chit Funds Pvt Ltd (MCFPL) Cherukuri Ramoji Rao and his daughter-in-law Cherukuri Selja and Managing Director of MCFPL for probing the Margdarshi Chit Fund case. .
The CID has asked him to be present at home or appear on March 29 or March 31 or April 3 or April 6.
The probe agency has also summoned branch managers of various branches of the chit fund company.
These notices have been given for alleged fraud, diversion of deposits in mutual funds.
Acting on complaints from assistant registrars of chits, the CID has recently registered several FIRs across Andhra Pradesh in alleged chit fund frauds.
The complaints came after the Stamps and Registration Department raided Margdarshi’s offices at several places in Andhra Pradesh and Telangana during October and November last year.
Investigation found that chit fund collections from branches were being transferred to the corporate office and huge amounts were being invested in mutual funds.
Several CID teams carried out searches at Margdarshi branches in Visakhapatnam, Rajahmundry, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur.
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