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Margadarsi Row: CID Attaches Ramoji Rao's Assets!
By: Tupaki Desk | 30 May 2023 9:20 AM GMT
Cherukuri Ramoji Rao is regarded as a media Mughal given his legacy in the industry. Not just the media industry, Ramoji Rao also ventured into the Chit Fund system, and the Margadarsi Chit Fund Private Limited (MCFPL) was set up for that. He has been facing allegations over the alleged irregularities.
The Margadarsi row saw a significant development with the Andhra Pradesh Crime Investigation Department (APCID) putting complete focus on the row. The department is digging deeper into the row to get details in the case. Earlier, Ramoji Rao was grilled for a few hours in connection with the case.
Ramoji Rao faced a big blow now as the CID Attached 793 Crores worth of properties of Ramoji in the Margadarsi case. In a press note, the CID said that the money collected from the Chit fund branches was diverted to Hyderabad Corporate Office and then investments were made in other businesses. The CID said that this is against the Chit Fund Act.
Talking about the payments to those who invested in Chit Funds, the CID said that they could not get the money as funds were scarce due to the diversion of funds. With that, those who invested in Chit Funds could not receive the money despite the completion of the tenure.
Political observers say that this is a big blow to Ramoji Rao as he did not face such a big shock in his career so date. Despite allegations, Ramoji Rao did not face any issues. Once the issue reached the High Court of combined Andhra Pradesh.
The new development can also be seen as a big blow to the Telugu Desam Party and party chief Nara Chandrababu Naidu. Since TDP's inception, Eenadu has been supporting the party and in return, the party started supporting Ramoji Rao after the party went into the control of Chandrababu.
Many say that Chandrababu Naidu indirectly supported Ramoji Rao in the Chit Fund row and his silence when CID grilled him and the issue went to the notice of the Supreme Court are given as examples of this. Though the party leaders are yet to react to this, the issue had sent shocking waves in the party.
As an example of TDP's support and soft nature towards Eenadu and Ramoji Rao, earlier this month, TDP leader GV Reddy dared Undavalli Arun Kumar for a debate on the issue. Undavalli Arun Kumar has been fighting against the irregularities in the Margadarsi Chut Funds row.
The Margadarsi row saw a significant development with the Andhra Pradesh Crime Investigation Department (APCID) putting complete focus on the row. The department is digging deeper into the row to get details in the case. Earlier, Ramoji Rao was grilled for a few hours in connection with the case.
Ramoji Rao faced a big blow now as the CID Attached 793 Crores worth of properties of Ramoji in the Margadarsi case. In a press note, the CID said that the money collected from the Chit fund branches was diverted to Hyderabad Corporate Office and then investments were made in other businesses. The CID said that this is against the Chit Fund Act.
Talking about the payments to those who invested in Chit Funds, the CID said that they could not get the money as funds were scarce due to the diversion of funds. With that, those who invested in Chit Funds could not receive the money despite the completion of the tenure.
Political observers say that this is a big blow to Ramoji Rao as he did not face such a big shock in his career so date. Despite allegations, Ramoji Rao did not face any issues. Once the issue reached the High Court of combined Andhra Pradesh.
The new development can also be seen as a big blow to the Telugu Desam Party and party chief Nara Chandrababu Naidu. Since TDP's inception, Eenadu has been supporting the party and in return, the party started supporting Ramoji Rao after the party went into the control of Chandrababu.
Many say that Chandrababu Naidu indirectly supported Ramoji Rao in the Chit Fund row and his silence when CID grilled him and the issue went to the notice of the Supreme Court are given as examples of this. Though the party leaders are yet to react to this, the issue had sent shocking waves in the party.
As an example of TDP's support and soft nature towards Eenadu and Ramoji Rao, earlier this month, TDP leader GV Reddy dared Undavalli Arun Kumar for a debate on the issue. Undavalli Arun Kumar has been fighting against the irregularities in the Margadarsi Chut Funds row.
