The andhra pradesh government of Y S jagan Mohan reddy is steadily tightening the noose on Margadarsi Chit Funds, promoted by media baron and eenadu group of publications chairman Ch ramoji rao in a suspected scheme of collecting deposits against RBI norms. According to official information from the power corridors, multiple teams from the ap Stamps and Registration Department conducted searches in Margadarsi Chit Fund offices around the state and discovered several abnormalities.

"The search and inspection, which began on november 15 at 18 units of Margadarsi Chit Fund, was completed on Thursday." "The officials seized all records and materials pertaining to the proceedings under the Chit Fund Act, 1982," CMO sources stated. According to sources, the teams had gathered additional evidence of the company's diversion of funds, non-payment of GST, and failure to provide security under Section 31. "In light of the foregoing, all Deputy Registrars of Chits in the state have been asked to take required measures, including criminal action, on the aforementioned discovered errors and submit compliance," the sources stated.


According to the jagan government, Margadarsi is pressuring bidders to put their chit money, which is intended to be repaid to them, in fixed deposits. The same money is purportedly being circulated by the corporation through higher-interest financing. "If any evidence of irregularities is found, we will file criminal charges against the promoters of the chit fund companies," an official said.

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