In what may be called a shocking piece of news of the day, the AP Government has directed the state’s CID branch to attach movable assets of Margadarsi Chit Funds Private Limited that were related to the media tycoon Ramoji Rao.
It is a known fact that the YSRCP-led AP Government has waged a war on Ramoji Rao and his Margadarsi Chit Funds as it has been carrying out a couple of cases and investigations regarding the cheating of the company. According to the cases, the company has diverted tons of funds to other accounts which violates many rules of the RBI. Already many cases were registered against Ramoji Rao, Margadarsi’s MD and Ramoji’s daughter Sailaja Kiran and a few others related to the Chit Fund Company and attached properties worth Rs 793 crore. Recently the Additional DIG of the AP Government directed the CID to attach as many as Rs 242 crores of movable properties as they discovered these assets in their recent investigation. AP Government has sent many investigation officers many times to interrogate Ramoji Rao who is in his hospital bed earlier regarding the same.
One has to wait and see how this case would turn out finally before the elections. On the flip side, the media baron Ramoji Rao is preparing his legal team to battle against the AP Government to get out of this hornet.