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CID Attached Assets Of Ramoji Rao Valued 793 Crs In Margadarsi Case

By RamBabu Parvathaneni Updated at: 2023-05-29 23:13:00

Media baron, business tycoon, political influencer the untouchable Ramoji Rao is facing the heat of law for the first time. No government body has dared to question him directly so far. But, CID has shown their power and attached his properties showing the discrepancies in his Margadarsi Chit Fund company.

AP CID who has been investigating irregularities in Margadarshli company has taken a dare step on Monday attaching Ramoji Rao's Rs 793 Crores valued assets to the case. CID claimed that Chairman, Managing Director, Foremen auditors involved in this financial crime.

Money collected from people who joined Margadarsi Chit Fund has been sent to Hyderabad office and invested in other businesses, CID alleged. Diverting funds like this is a crime as per chitfund laws said CID.

Due to this Margadarsi is facing a financial crunch and is not able to pay the promised amounts to its customers even after the deadline is met. On this note it has attached Ramoji Rao's assets to the case. This is an unexpected shock for Ramoji Rao.

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