Attach Rs 793 cr assets of Eenadu chit fund firm: Andhra govt to CID

Eenadu has also accused the state government of promoting the sales of Sakshi newspaper owned by the family of Chief Minister Y S Jagan Mohan Reddy by releasing a government order (GO) last December.

The government order gives an allowance of Rs 200 per month to 3.78 lakh employees and volunteers working with the ward/village sachivalayams (secretariats) to subscribe to one newspaper, and Eenadu group has said that there was pressure on the employees to subscribe to Sakshi newspaper.

The state government in a statement said that acting on the request by the Additional Director General of Police, Crime Investigation Department, the principal secretary (home) issued the order. The investigation agency has stated that during the inspection, it was noticed that certain movable properties are held in the name of the accused company which needed to be attached for the sake of the investigation.

The government issued an order under sections 3 and 8 of the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999. “CID is requested to take necessary action in the matter as per the provisions of the said Act and the rules and send compliance report to the government,’’ the order states.

The CID during the inspection of Margadarshi’s records stated that it has noticed that the company diverted the funds to other investments illegally, which violates the RBI regulations and the provisions. The agency has earlier filed the case for violations against C Ramoji Rao (Director), Sailaja Cherukuri Managing Director and managers of various branches.

On March 28, the CID had issued a notice to Eenadu Group chairman C Ramoji Rao under CrPC Section 160 to appear before the agency with regard to Margadarsi Chit Fund Pvt Ltd.