Latest News | Andhra Pradesh CID Conducts Searches at 37 Branches of Margadarsi Across State

Mangalagiri (Andhra Pradesh), Apr 29 (PTI) The crime investigation department of Andhra Pradesh conducted searches at 37 branches of Margadarsi Chit Funds Pvt Ltd (MCFPL) across the State on Saturday, for alleged financial irregularities.

As part of the State government's continuing probe, CID teams were deployed to conduct extensive searches of financial records and documents in the 37 branches of Margadarsi, said AP CID chief Sanjay.

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"In continuation of investigation in cases registered against Margadarsi…on April 29, the CID is conducting searches at the following 37 branches of MCFPL," Sanjay said in a statement.

The AP CID had earlier raided multiple offices of the company last month on alleged irregularities, including diversion of depositors money into mutual funds and speculative markets for personal gain.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)