CID's new chief Senior IPS officer P Seetha Ramanjaneyulu decided to crack the whip on Margadarsi. CID sent notices to subscribers of high-value chits in the Margadarshi Chit Funds.CID decided to interrogate the customers who invested over Rs. One crore.
CID in its press release said “These individuals are under scrutiny to determine the nature and legitimacy of their transactions. The CID’s aim is to ensure compliance with the regulations set by the RBI (Reserve Bank of India) and the CBDT (Central Board of Direct Taxes) which are designed to prevent money laundering, financial fraud, and other illicit activities,”
It is known that CID sent seven notices to Ramoji Rao and Shailja Kiran along with others in the Margadarsi case regarding financial fraud and cheating. Seetha Ramanjaneyulu took charge as the previous chief N. Sanjay went on sick leave. CID chief speaking to the chief talking about the high net worth individuals said “These individuals are under scrutiny to determine the nature and legitimacy of their transactions,”
He said "The AP CID remains committed to upholding the integrity of the financial system and protecting the interests of the general public. The investigation into the financial fraud cases involving MCFPL is a top priority, and all necessary measures are being taken to ensure a thorough and impartial inquiry,”
