Margadarsi Chit Funds case: CID registers FIRs against firm for using ghost subscribers to siphon off money
Also read: Cadbury maker to invest ₹1,600 crore to expand Andhra plant In the past three days, the Registration and Stamps Department conducted raids on 37 Margadarsi branches across the state, resulting in the filing of FIRs in Anakapalli, Chirala, and Rajamahendravaram. The cases against Margadarsi include various Indian Penal Code sections, such as 409 (Criminal breach of trust by a public servant), 420 (Cheating and dishonestly inducing delivery of property), 468 (Forgery for the purpose of cheating), 471 (Using a forged document as genuine), 477–A (Falsification of accounts), 120B (Criminal conspiracy), 467 (Forgery of valuable security, will, etc.), in conjunction with Section 34, and Section 5 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act.
Also read: World Day Against Trafficking in Persons 2023: UP, Bihar, AP among top states in child trafficking; Delhi records a rise V Ramakrishna, Commissioner and Inspector General of the Registration and Stamps Department, has alleged that Margadarsi enlisted its own employees, including agents and branch managers, to participate in auctions. Based on documents collected from Margadarsi branches, Ramakrishna has claimed that the auction process is is being rigged.
Furthermore, ADGP Sanjay announced that the CID has established a WhatsApp account under the number 9493174065 to facilitate subscribers in filing complaints. (With inputs from PTI)
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