Latest News | Margadarsi Diverted Funds into Speculative Markets, Alleges AP CID
Get latest articles and stories on Latest News at LatestLY. Margadarsi Chit Funds Pvt Ltd (MCFPL) has deviated from its core activity of chit fund business without the special imprimatur of the state government to invest crore of rupees in government securities, equity instruments and mutual funds, including subsidiaries and associates, an AP Police CID official has alleged.
Amaravati, Mar 12 (PTI) Margadarsi Chit Funds Pvt Ltd (MCFPL) has deviated from its core activity of chit fund business without the special imprimatur of the state government to invest crore of rupees in government securities, equity instruments and mutual funds, including subsidiaries and associates, an AP Police CID official has alleged.
Following a forensic analysis of the books of accounts of the popular chit fund company from the Telugu states, the CID alleged chit-wise balance sheet and profit and loss statements were not being maintained and submitted to authorities.
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There was no immediate word from 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)