AP govt behind 'assault' on Margadarsi: Company official

Amaravati: The Andhra Pradesh government has used the CID to "assault" Margadarsi Chit Fund Pvt Ltd, a company official claimed in the light of a slew of FIRs and arrests related to the firm.

The official alleged Telugu daily 'Eenadu' and its chairman Cherukuri Ramoji Rao are being targeted by the government.

"The present assault against Margadarsi is the pinnacle of vendetta wreaked against Eenadu media group, which has been resonating the people's voice against the wicked happenings and excesses taking place in AP," the official alleged.

Recently, state police CID had registered multiple FIRs against Margadarsi Chit Fund Pvt Ltd for a string of alleged irregularities, including diversion of depositors' money into mutual funds and speculative markets for personal gain. Some employees of the company were arrested too.

According to the Hyderabad-headquartered chit fund company, owned by media baron Rao, the government is allegedly instilling fear among lakhs of chit members and thousands of employees.

"By transgressing the boundaries of law and misinterpreting rules, the Jagan government is making officials pronounce that Margadarsi will be shut down," the official claimed.

Last week, multiple CID teams swooped on Margadarsi branches in Visakhapatnam, Rajamundry, Eluru, Vijayawada, Guntur, Narasaraopeta and Anantapur, that ended with multiple FIRs registered against the chit fund company for a string of alleged irregularities.

The chit fund's chairman Rao and his daughter-in-law Sailaja Cherukuri, a top Margadarsi official, and the firm's branch managers from various locations were named as accused while the CID termed the irregularities grave in nature.