iD Desk
iD Desk
The police are intensifying checking on the roads for the shifting of cash and gold during the election season. Several teams are on duty everywhere in the state, stopping vehicles and checking.The Election Commission had so far seized about Rs 4.5 crore ever since model code of conduct came into force. The officials are continuing the searches everywhere and seizing unaccounted money.On Saturday, the police caught the employees of Margadarsi Chit Fund Private Limited, owned by Eenadu group chairman Cherukuri Ramoji Rao. Being a head of media house, Ramoji Rao knows the model code of conduct. However, he had sent money with his men in Visakhapatnam.
Margadarsi staff from the Seethampet branch were caught carrying Rs 52 lakh in their vehicle. Branch account assistant V Lakshmana Rao and office boy Sreenu were caught while carrying the money. The money had no accounts with them, and they could not prove that the money is accounted.Margadarsi is known for several illegal activities over the years. A case is pending in the Andhra Pradesh high court. A case is also pending in the Supreme Court against the illegal activities of Margadarsi.
It was alleged that Margadarsi was collecting deposits from the people against the rules of the Reserve Bank of India. It was also alleged that Margadarsi was not making payments to the auctioneers at the end of every chit.Ramoji Rao had been illegally operating the financial activities in Margadarsi across the state. The officials have found such operations in over 15 branches of the Margadarsi and filed cases.
