The AP CID police have issued notices to media tycoon Ramoji Rao and his daughter-in-law Shailaja Kiran for the first time. Last year in November, officials inspected the Margadarsi chit fund companies in AP and arrested the managers of the company at the beginning of this month.
Following this, an FIR was registered, with Ramoji Rao being named as A1 and Sailaja Kiran as A2. The CID Superintendent Ch. Ravikumar has issued the latest notices, which state that they can attend the CID inquiry at their respective office or home anytime between 29th-30th of this month or 3rd-6th of April. If they are ready and provide information in advance, they will be interrogated.
The CID has claimed that during the searches conducted at Margadarshi corporate office in Hyderabad from December 14 to 16, it was found that the chit fund collections from the respective departments were being transferred to the corporate office, which was investing in mutual funds based on capital market risks.
Ramoji Rao and his daughter-in-law approached the Telangana High Court regarding the inspections in the guide offices, and the offices in Telangana have been stopped from carrying out inspections. The court also ordered the CID not to take any strict measures, including arrest, but ordered them to interrogate Ramoji Rao and Sailaja Kiran in a proper manner as prescribed by the law.
The investigation into the Margadarsi Chitfunds has been ongoing since YS Rajasekhara Reddy was the Chief Minister, and the case was filed by Rajahmundry MP Undavalli Arunkumar. However, it is still pending in the Supreme Court, and an inquiry will be held soon. Meanwhile, officials raided offices in AP, and for the first time, an FIR has been registered against Ramoji Rao. If Ramoji does not go to court or get a stay on the investigation, he should now attend the trial in the case for the first time.
