It is known that CID has been investigating the Margadarsi Chitfund case and they have been interrogating Ramoji Rao, Chairman of Margadarsi, and his daughter-in-law Ch Sailaja Kiran, who is the managing director of the company.
Both have been named in the chargesheet as Accused No 1 and Accused No 2. However, Ramoji Rao and Sailaja Kiran expressed their inability to attend the investigation today at Guntur due to health reasons. Ramoji Rao and Sailaja Kiran communicated to CID through email.
CID felt that since many of those who invested in Margadarsi Chitfunds are from Andhra Pradesh, Ramoji Rao, and Sailaja Kiran should be investigated in Guntur. It is known that when CID officials visited Ramoji Rao to interrogate him in Hyderabad, he and his staff did not allow the officials from entering the house.
Following that CID officials asked Ramoji Rao and Sailaja Kiran to appear before them in Guntur on 5 July 2023. However, Ramoji Rao and Sailaja expressed their inability to attend citing health issues, and skipped the interrogation. CID registered criminal cases Ramoji Rao and Sailaja Kiran, in connection with the alleged irregularities in Mardarsi Chit Funds.
The CID registered FIRs under Sections 120(B) (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), and 477(A) read with 34 (falsification of accounts) of the Indian Penal Code, Section 5 of Andhra Pradesh Protection of Depositors in Financial Establishments Act, 1999 and Section 76,79 of Chit Funds Act,1982.
