Margadarshi Chit Funds Chairman Ramoji Rao and its Managing Director Shailaja Kiran are all set to be questioned by the CID in Amaravati on Thursday. Previously, the CID had conducted their initial investigation at Shailaja's residence in Hyderabad. The CID has stated in their notices that both Shailaja and Rao should appear in Amaravati for the second round of questioning. This has led to increased speculation as to whether or not the CID will take any significant action against them.
The dispute surrounding this case has now reached Delhi. Reports indicate that CID Chief Sanjay has traveled to Delhi and filed a complaint with top officials at the Economic Offenses Wing of the IT, ED and Finance Department. Sanjay has presented ample evidence that suggests corruption on the part of the Chit Funds Chairman.
Following this development, the management team wrote a strongly worded statement against the CID, accusing the government of unjustly harassing them. They claimed that the government was targeting them due to their publication of articles that criticized the government. It is worth noting that the management has not provided any response to questions about the alleged diversion of funds.
Naturally, the government is angered by the CID's accusations of harassment without a proper explanation from the management team. Given this backdrop, there is increasing suspicion regarding whether or not the CID will take any significant action against both Ramoji Rao and Shailaja during their second investigation. The CID has decided to conduct the second round of questioning in Amaravati, as most of their searches thus far have been focused on AP branch locations. It remains unclear whether Ramoji and Shailaja would agree to attend the inquiry in Amaravati. The crucial question now is what action the CID will take if either party fails to attend the hearing.
