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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. Also, police registered cases under section 409 420 468 471 477-A 120B, etc. of the Indian Penal Code.
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“Andhra Pradesh: Allegations of cheating on Margadarsi chit funds, case registered under several sections; CID started action”
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21 Aug 2023
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."
