Never violated AP Chit Fund Act rules, says Margadarsi Chit Funds Pvt Ltd

Company alleged that the Andhra Pradesh government was using its machinery to make baseless allegations, scare monger among chit subscribers, abuse power in its 6-month long persecution on Margadarsi

The Margadarsi Chit Funds Pvt Ltd (MCFPL) has never violated any provisions of the AP Chit Fund Act & Rules, the company said on Monday amid a CID probe into the alleged violations of the law by it.

In a statement, the company alleged that the Andhra Pradesh government was using its machinery to make baseless allegations, scare monger among chit subscribers and abuse power in its six-month long persecution on Margadarsi.

Inspite of it, not even one subscriber has raised any query or doubt, all this while MCFPL has moved the High Courts of Telangana state and AP, said the statement, adding AP government is disregarding even judicial orders. According to Margadarsi, Eenadu, one of Ramoji Group's flagship companies and AP's largest circulated Telugu daily has always been at the forefront of upholding people's issues and public interest' for five decades which is not taken in the right way by some governments, especially the YSRC government.