The Stamps and Registration department of Andhra Pradesh shocked the finance companies and chit funds organizations across the state by conducting rapid raids silently. The department raided almost 18 different Chit Fund companies including the most famous Margadarsi Chit Funds that belonged to the media mogul Ramoji Rao.
The raids happened when the state government filed a case in addition to Undavalli Arun Kumar’s past case on Margadarshi in the Supreme Court of India. The Apex court directed the state officials to file a detailed report on how these alleged malpractices in chit fund companies are happening. The other day The Registration Department officials went to many offices of Margadarshi and conducted searches and found many irregularities. In addition to this, the officials found Margadarshi has been violating many rules and regulations of the Reserve Bank of India’s Chit fund act, of 1971.
Many files and hard disks were seized by the officers and sent to labs for further deep investigation. Sources say that the state government which is running under YSRCP is trying its best to corner Ramoji Rao and his company to checkmate TDP as it’s supported by Eenadu paper that belongs to the same Ramoji Rao. Already Margadarsi was involved in alleged frauds and former MP Undavalli Arun Kumar filed a case in joint with Andhra Pradesh’s High Court, however, the case was dismissed later just before the bifurcation. Then the Congress leader challenged the case in the Supreme Court against Ramoji Rao to get justice for Margadarshi victims.
Interestingly, neither his own media of Eenadu nor other media outlets displayed this piece of news until now and political enthusiasts think that Ramoji Rao is planning something big to retort these rumors a hard way using his paper Eenadu very soon. One has to wait and see how TDP or Rao would respond to this stunning move from the ruling party YSRCP.