VIJAYAWADA: Former Congress MP Vundavalli Aruna Kumar on Saturday sought from AP government probe by a committee headed by retired Supreme Court judge into records seized from Margadarsi Chit Fund Private Limited. He said this would expose irregularities the company has committed while dealing with money collected from public in the form of chits.
Speaking to media, Vundavalli went on to suggest that SC’s panel that probes Margadarsi could be headed by former chief justice of India N.V. Ramana, subject to the latter’s acceptance.
The former MP said he has written to inspector general of Registrations and Stamps on Friday seeking access to records seized from various chit fund companies, including Margadarsi; so that he could expose the misdeeds of the chit fund company.
Explaining how Chit Funds Act, 1982, is being violated by Margadarsi, Vundavalli alleged that the chit funds company is still accepting deposits from customers showing a receipt of say ₹48,000 on condition that in case the customer defaults on payment of dues in six months, such amount could be taken by it.
The former MP expressed shock over customers subscribing to chit funds and collecting from company 30 percent less money on an average even while making the overall payment in full. In this regard, he said the business prudence of media baron Ramoji Rao should be appreciated, as customers are paying their due amount not only promptly but even in advance.
Vundavalli, however, underlined that there is need to find out in the case whether Ramoji Rao has resorted to financial manipulations, including money laundering; so that due action could be taken against him.
The former MP asserted that the media baron continues to be the chairman of Margadarsi, even while denying the same before Supreme Court in the chit funds’ scam case.
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