For the first time in his life, media baron and Eenadu group chairman Ch Ramoji Rao will have to appear before the Crime Investigation Department of Andhra Pradesh police for questioning in connection with the alleged irregularities in Margadarsi Chit Funds, promoted by him.
On Monday, the CID served notices on Ramoji Rao, who happens to be the chairman of Margadarsi Chit Funds. Notices were also issued to his daughter-in-law, Sailaja Kiran, who is the managing director of the company.
In the notice served under Section 160 of the Criminal Procedure Code (as witnesses) in the Margadarsi case, CID Deputy Superintendent of Police Ch Ravi Kumar said the examination of Ramoji Rao is just and necessary in view of the facts of the case.
The media baron and his daughter-in-law will have to be questioned by the investigating officer for effective investigation and to arrive at a better conclusion in the case.
“Hence, you are hereby requested to make yourself available at your place of residence or office on March 29, 31, April 3, or 6, and cooperate with the investigation,” the CID official said in the notice.
However, he asked Ramoji Rao and Sailaja to indicate any of the four dates convenient to them and also the place well in advance for questioning by the investigating officer either through the email Id: [email protected] or WhatsApp cell No. 9490636900.
It may be mentioned that a couple of weeks ago, the CID registered criminal cases against Ramoji Rao and Sailaja Kiran in connection with the alleged irregularities in Mardarsi Chit Funds.
The CID registered FIRs under Sections 120(B), 409, 420, 477(A) read with 34 of the Indian Penal Code, Section 5 of the Andhra Pradesh Protection of Depositors in Financial Establishments Act, 1999, and Section 76,79 of the Chit Funds Act, 1982. The FIR named Ramoji Rao as the prime accused (A-1) and Sailaja as A-2.
The CID said during the search conducted at the corporate office of Margadarsi in Hyderabad from December 14 to 16, it was observed that the chit fund collections from the branches are being transferred to the Corporate Office, and the huge amounts, in turn, are being invested in mutual funds which are contingent on capital markets’ risks.
