Margadarsi Chit Fund Case: Ramoji Rao grilled for 8 hours and CID to question Sailaja on April 6

Margadarsi Chit Fund Case: Ramoji Rao grilled for 8 hours and CID to question Sailaja on April 6

Margadarsi Chit Fund Case: Ramoji Rao grilled for 8 hours and CID to question Sailaja on April 6

Eenadu and Margadarsi chairman Ch Ramoji Rao was grilled in collection to Margadarsi Chit Fund Case by Andhra Pradesh CID officials on Monday, while his daughter-in-law Sailaja Kiran will appear before them on April 6.

Media Baron Ramoji Rao was booked along with his daughter-in-law Sailaja Kiran besides six employees of the Margadarsi Chit Fund Private Limited(MCFL). They are accused of mismanaging the funds of the company and diverting money to various other business activities. The public deposits collected from the people were used for non-chit fund activities, according to the CID officials.

Ramoji Rao, who has been unwell and bedridden for the last two months, was shifted to his son’s house in Banjara Hills where he was questioned by the CID officials, while he was on the sick bed. He cooperated with the CID for eight hours. “We have questioned Ramoji Rao in one case and registered his statement. We will question him once again,’ the CID SP Amit Bardar told media.

The CID officials also served notice to Ramoji Rao’s daughter-in-law Sailaja Kiran giving her three dates for her convenience. She has reportedly agreed to appear before the officials on April 6.

The officials alleged that the Margadarsi had diverted the funds and invested in mutual funds and share market. The diversion of the funds was in violation of the Reserve Bank of India rules, the officials said. The officials have so far arrested four managers of the Margadarsi group.

Earlier, the officials questioned the Chartered Accountant and found that he had not followed due diligence and due process while certifying the annual financial statements of MCFPL. When he could not explain the balances of fixed deposits, he was sent to 14 days of judicial remand by the third Additional Chief Metropolitan Magistrate, Vijayawada.

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