AP CID to investigate high-value Margardarsi Chit Fund subscribers

VIJAYAWADA: The Andhra Pradesh Criminal Investigation Department (AP-CID) has issued notices to subscribers of high-value chits in the ongoing investigation into the financial fraud cases involving Margadasi Chit Funds Pvt.Ltd. (MCFPL). The notices were issued to individuals who have made cash deposits towards their subscription amount, contravening the guidelines set forth by the Reserve Bank of India (RBI) and the Central Board of Direct Taxes (CBDT) regarding cash transactions.

The AP CID has specifically targeted subscribers who made cash deposits in chit groups amounting to over Rupees one Crore. These individuals are under scrutiny to determine the nature and legitimacy of their transactions. The CID's aim is to ensure compliance with the regulations set by the RBI and the CBDT, which are designed to prevent money laundering, financial fraud, and other illicit activities.

The AP CID has urged all affected subscribers who received notices to fully cooperate with the investigation.

"The investigation into the financial fraud cases involving MCFPL is top priority, and all necessary measures are being taken to ensure a thorough and impartial inquiry," a release by the AP CID said.

In a related development, Additional Director General of Police N Sanjay suffered a heart problem and underwent a surgery, PSR Anjaneyulu, DG, Intelligence, assumed charge as In-Charge DG of CID. As soon as Mr Sanjay returns, he would take over the department again, according to a CID communique.