Posted by: Published Date – Sat, 11/19/22 at 07:55pm
(file photo). Former MP Vundavalli Arun Kumar has asked a retired Supreme Court judge to investigate financial irregularities at the Margadarsi Chit Fund.
Rajahmundry: On Saturday, former Congressman Vundavalli Arun Kumar asked a retired Supreme Court judge to investigate financial irregularities at the Margadarsi Chit Fund.
Talking to reporters here, he recalled that a Supreme Court judge had said that Eenadu chairman and Margadarsi chit fund Ch. Ramoji Rao has two hats – one as a media and the other as an industrialist. He claimed the media was being used to cover up his mistakes as a businessman. “No business is above the law. The record proves that Ramoji broke the law,” he noted.
He also said that a hearing in the Margadarsi case was scheduled for December 2 in court. He pointed out that Ramoji Rao had announced in 2006 that Margadarsi had stopped taking deposits and had submitted an affidavit to the High Court and Supreme Court that the deposits would be repaid. However, he claimed that the deposits were still taken in the Margadarsi chit fund in the name of receipts.
“Margadarsi is shown to be owed Rs 1.39 crore and less than 3% are in default. What is the secret? If the bank is entrusted to Ramoji Rao, he may do well. He deserves not only Padmavibhushan but Bharat Ratna. State govt has the audacity to look into Margadarsi whose chairman is still Ramoji Rao. But in court, he said he is not the chairman,” said the MP.
