Andhra Pradesh: Allegations of cheating on Margadarsi chit funds, case registered under several sections; CID started action

Andhra Pradesh Police CID has registered three FIRs against Margadarsi Chit Funds Pvt Ltd (MCFPL) for several alleged irregularities and for using common citizens (ghost customers) to siphon off money from legitimate customers.

Additional Director General of Police (ADGP), CID, N Sanjay alleged that Margadarsi was running chit subscriptions without the knowledge of some people and impersonating common citizens (ghost customers) to extort money.

Addressing a press conference at the AP Police Headquarters in Mangalagiri on Sunday, Sanjay said, "A large number of customers are coming with complaints of non-payment of chit money and undue harassment to the sureties, which necessitates the registration of FIRs." Has gone."

The Registration and Stamps Department raided 37 Margdarshak branches across the state in the last three days, resulting in the registration of FIRs in Anakapalle, Chirala, and Rajamahendravaram. Cases were registered under sections 409, 420, 468, 471, 477-A, 120B, and 467 read with 34 of the Indian Penal Code and section 5 of the Andhra Pradesh Financial Institutions Protection of Depositors Act.

V Ramakrishna, commissioner and inspector general of the Registration and Stamps Department, alleged that Margdarshi was inducting his employees like agents and branch managers to participate in the auction.

Based on documents collected by the department from the Margdarshi branches, Ramakrishna alleged that the auction process was being rigged. Further, ADGP Sanjay said that CID has started a WhatsApp account number 94931 74065 for customers to lodge complaints.