CID seizes Rs 793 Crore properties of Margadarsi Chit fund

Hyderabad: The Crime Investigation Department (CID) of Andhra Pradesh has taken action to attach movable properties worth Rs 793 crore belonging to Margadarsi Chit Fund Private Limited (MCFPL). Principal Secretary Harish Kumar Gupta, Government of Andhra Pradesh, issued a Government Order (GO) in this regard. During their investigation, the CID discovered that certain movable properties were registered under the name of the accused company, M/s. Margadarsi Chit Fund Private Limited. These properties, estimated to be valued at a total of Rs 793,50,72,460, have now been seized. Additional Director General of Police, CID, N Sanjay, requested the government to issue an ad-interim order for the attachment of these movable properties under the Andhra Pradesh Protection of Depositors of Financial Establishments Act, 1999. This order will enable the CID to file an application before the appropriate court, making the attachment orders permanent. After careful examination of the matter, the government issued ad-interim orders for the attachment of the movable properties described in Annexures IA, IB, and II, pertaining to M/s Margadarsi Chit Fund Private Limited (MCFPL). The CID's Additional Director General of Police has been entrusted with the responsibility of taking possession and control over the attached movable properties. They will also file an application before the concerned court to make the attachment orders permanent.