Amaravati, Mar 28 (PTI) The Andhra Pradesh Police CID has served summon notices to Cherukuri Ramoji Rao and Cherukuri Sailaja, top officials of Margadarsi Chit Fund Pvt Ltd for effective investigation, an official said on Tuesday.

The CID official gave a choice of four days, Wednesday, Friday, Monday or Tuesday, April 6 to be available at their residence or corporate office at Fateh Maidan Road in Hyderabad.

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Rao is the chairman of the chit fund company while Sailaja is the managing director.

"In view of the facts of the case, for effective investigation and to arrive (at) better conclusion, I, being the investigating officer of the…crime feel that your examination is just and necessary," the DSP rank CID official said in the notice.

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Requesting Rao and Sailaja to cooperate, the official asked them to intimate their convenient date, citing cases booked under IPC Sections 420, 120 – B, 477 (a) read with 34 and Section 5 of AP Protection of Depositors Financial Establishment Act, 1999.

The official also cited cases booked under Sections 76 and 79 of Chit Fund Act, 1982 at CID police station in Mangalagiri.

Recently, the CID has registered multiple FIRs against Margadarsi for a string of alleged irregularities, including diversion of depositors' money into mutual funds and speculative markets for personal gain, including arresting some employees of the company.

(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)