The Andhra Pradesh Crime Investigation Department (APCID) filed a fresh case against Cherukuri Ramoji Rao, Director of Margadarsi Chit Fund Pvt. Ltd. (MCFPL) and Cherukuri Sailaja Kiron, Managing Director of the organisation, alleging that they forged the signature of their company shareholder and transferred the shares illegally.
Based on a complaint filed by 62-year-old Gadireddi Yuri Reddi, son of late G. Jagannadha Reddi, a resident of Hyderabad, the CID has filed the FIR, which The Hindu has accessed.
In the complaint, Mr. Reddi explained that his father assumed the role of Promoter Director in MCFPL through his initial investment of ₹5,000 on August 31, 1962. He further explained that his father became a signatory to the Memorandum and Articles of Association. “Originally, my father had 90 shares valued at ₹48 each. Over time, the shareholding increased, and in the balance sheets filed with the Registrar of Companies for the year 2014, my father’s shareholding was documented as 288 shares,” Mr. Yuri Reddi said, adding that his father passed away in 1985 and mother in 1986.
