Multiple raids throughout Andhra at Ramoji Rao- possessed Margadarsi Chit Fund workplaces
The business is implicated of a Rs 2,600 crore rip-off.
File Photo of Ramoji Rao
Authorities from Andhra Pradesh’s Stamps as well as Registration Department performed searches at 18 areas as well as workplaces of Margadarsi tab fund business on Tuesday, November 15. Margadarsi is possessed by media baron Ramoji Rao of Eenadu team, that is viewed as a fan of the resistance Telugu Desam Party (TDP). The raids occurred behind-the-scenes of previous Congress MP Undavalli Arun Kumar’s accusation that Ramoji Rao is associated with a Rs 2,600 crore rip-off. It is affirmed that Margadarsi gathered Rs 2,600 crore from depositors, in infraction of the Reserve Bank of India standards.
The Stamps as well as Registration Department in a declaration claimed that on initial examination, they located the annual report for 2021-22 suggesting diversion of funds. Authorities claimed that they have actually seen major abnormalities for supervisors in shielding the cash of the depositors. .
Earlier this month, Undavalli Arun Kumar, that has actually been seeking the instance versus Margadarsi considering that 2006, claimed that Ramoji Rao ought to be examined by the Enforcement Directorate (ED) as well as the Securities as well as Exchange Board of India (SEBI). In 2014, the Andhra Pradesh High Court disregarded the instance after Ramoji Rao dissociated himself fromMargadarsi The previous MP tested this insurance claim as well as brought out opposing docudrama proof. Arun Kumar offered the annual report of Margadarsi Chit Fund business for the year 2021, which had the trademark of Ramoji Rao as the chairman of the business. .
In 2020, Arun Kumar had actually come close to the Supreme Court testing the 2014 High Court decision. Recently, the YS Jagan Mohan Reddy- led YSRCP government had actually impleaded in case by submitting an unique leave request in theSupreme Court Arun Kumar declares that Margadarsi had a financial institution equilibrium of Rs 1,688 crore yet Ramoji Rao did not divulge the resources of the income. According to Arun Kumar, Margadarsi can not accumulate down payments from the general public according to the RBI regulations. Ramoji Rao did not react to these claims. .
Earlier in August, Ramoji Rao had a conference with Union Minister Amit Shah, which caused the supposition that the media baron can have suggested a partnership in between the TDP as well as the BJP in advance of the 2024 Assembly elections in Andhra Pradesh. .
Watch: Home Minister Amit Shah fulfills Junior NTR, Ramoji Rao in Hyderabad
The Stamps as well as Registration Department in a declaration claimed that on initial examination, they located the annual report for 2021-22 suggesting diversion of funds. Authorities claimed that they have actually seen major abnormalities for supervisors in shielding the cash of the depositors. .
Earlier this month, Undavalli Arun Kumar, that has actually been seeking the instance versus Margadarsi considering that 2006, claimed that Ramoji Rao ought to be examined by the Enforcement Directorate (ED) as well as the Securities as well as Exchange Board of India (SEBI). In 2014, the Andhra Pradesh High Court disregarded the instance after Ramoji Rao dissociated himself fromMargadarsi The previous MP tested this insurance claim as well as brought out opposing docudrama proof. Arun Kumar offered the annual report of Margadarsi Chit Fund business for the year 2021, which had the trademark of Ramoji Rao as the chairman of the business. .
In 2020, Arun Kumar had actually come close to the Supreme Court testing the 2014 High Court decision. Recently, the YS Jagan Mohan Reddy- led YSRCP government had actually impleaded in case by submitting an unique leave request in theSupreme Court Arun Kumar declares that Margadarsi had a financial institution equilibrium of Rs 1,688 crore yet Ramoji Rao did not divulge the resources of the income. According to Arun Kumar, Margadarsi can not accumulate down payments from the general public according to the RBI regulations. Ramoji Rao did not react to these claims. .
Earlier in August, Ramoji Rao had a conference with Union Minister Amit Shah, which caused the supposition that the media baron can have suggested a partnership in between the TDP as well as the BJP in advance of the 2024 Assembly elections in Andhra Pradesh. .
Watch: Home Minister Amit Shah fulfills Junior NTR, Ramoji Rao in Hyderabad
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