Former rajahmundry vundavalli congress mp Arun Kumar has been a target of Ch ramoji rao, head of the eenadu group of newspapers, for the multi-crore deposit fraud of Margardarshi Financiers, the outpost of Margadarshi Chit Funds Ltd., for the past 16 years. In court, he has said that ramoji rao deceived investors by collecting deposits when the company was not registered as a non-banking financial institution and representing itself as a chit fund company. ramoji rao registered as a Hindu Undivided Family, however vundavalli has refuted his claim that he had nothing to do with the Margadarshi Chit Funds (HUF).
When the merged ap was split in two, the court was overturned in the high court, but vundavalli appealed to the supreme Court. ramoji rao, the RBI, and the telangana government received notices from the supreme court on september 20 this year in the Margadarsi chit funds case after the jagan Mohan reddy administration intervened and filed a special leave petition. According to vundavalli, the supreme court was interested in learning if the depositors had received their money back. Whether or not deposits had been reimbursed, he claimed, was a moot point; what mattered was whether a HUF had the right to receive deposits.
On Monday, vundavalli stated that he believed a HUF was prohibited from doing so by law. He produced documentary proof to support his claims and urged that the cbi and Enforcement Directorate look into the scam. ramoji rao had agreed to serve as the company's chairman, according to vundavalli, who was presenting the Margadarsi Chit Fund Company's balance sheet for 2021. The former mp said that Ramoji Rao's signature appeared on an affidavit that was presented to the supreme court identifying him as the legitimate proprietor of the business. Additionally, he claimed that ramoji rao had misappropriated the funds and that the money deposited in the chit funds should not be used for any other reason.
When the merged ap was split in two, the court was overturned in the high court, but vundavalli appealed to the supreme Court. ramoji rao, the RBI, and the telangana government received notices from the supreme court on september 20 this year in the Margadarsi chit funds case after the jagan Mohan reddy administration intervened and filed a special leave petition. According to vundavalli, the supreme court was interested in learning if the depositors had received their money back. Whether or not deposits had been reimbursed, he claimed, was a moot point; what mattered was whether a HUF had the right to receive deposits.
On Monday, vundavalli stated that he believed a HUF was prohibited from doing so by law. He produced documentary proof to support his claims and urged that the cbi and Enforcement Directorate look into the scam. ramoji rao had agreed to serve as the company's chairman, according to vundavalli, who was presenting the Margadarsi Chit Fund Company's balance sheet for 2021. The former mp said that Ramoji Rao's signature appeared on an affidavit that was presented to the supreme court identifying him as the legitimate proprietor of the business. Additionally, he claimed that ramoji rao had misappropriated the funds and that the money deposited in the chit funds should not be used for any other reason.
