The Margadarsi case has been making headlines in Andhra Pradesh for quite some time now. The case revolves around the alleged mismanagement of funds by the Margadarsi Chit Fund, which is owned by Ramoji Rao, the founder of the popular Telugu news channel, Eenadu. Recently, the Andhra Pradesh Crime Investigation Department (CID) questioned Ramoji Rao’s daughter-in-law, Sailaja Kiron, in connection with the case.
Sailaja Kiron is the wife of Ramoji Rao’s son, Kiron. She is also the managing director of Margadarsi Financiers, which is a subsidiary of Margadarsi Chit Fund. According to reports, the CID questioned Sailaja Kiron for over six hours regarding the alleged irregularities in the functioning of Margadarsi Chit Fund.
The Margadarsi case dates back to 2012 when a group of investors filed a complaint against the chit fund company, alleging that it had defaulted on payments and had mismanaged the funds collected from investors. The case was initially investigated by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). However, no action was taken against the company at that time.
In 2019, the Andhra Pradesh government constituted a special investigation team (SIT) to look into the Margadarsi case. The SIT submitted its report to the state government in 2020, which recommended action against the company and its management.
Following the SIT report, the Andhra Pradesh CID registered a case against Margadarsi Chit Fund and its management in January 2021. The CID has been conducting raids and questioning several people associated with the company in connection with the case.
The recent questioning of Sailaja Kiron by the CID has raised eyebrows in political circles, as Ramoji Rao is known to be close to several political leaders in Andhra Pradesh. However, the CID has maintained that its investigation is impartial and that it is only following due process of law.
The Margadarsi case has once again brought to the fore the issue of chit fund scams in India. Chit funds, which are popular in many parts of the country, are often used by small investors to save money or to raise funds for various purposes. However, many chit fund companies have been accused of fraud and mismanagement in recent years, leading to huge losses for investors.
The Margadarsi case is a reminder that investors need to be cautious while investing in chit funds and other financial schemes. It is important to do proper due diligence and to invest only in regulated and trustworthy companies. The government also needs to take strict action against companies that indulge in financial irregularities and fraud, to protect the interests of investors.
