For the first time in the ongoing investigation into the alleged financial fraud cases involving Margadarsi Chit Funds Pvt. Ltd. (MCFPL), the A.P. Crime Investigation Department (AP-CID) has issued notices to the individuals who have made cash deposits towards their subscription amount, allegedly contravening the guidelines set forth by the Reserve Bank of India (RBI) and the Central Board of Direct Taxes (CBDT) regarding cash transactions.
So far the investigation agency focused only on the management, maintenance of their accounts, and transactions but now went a step ahead in the case.
Director General of Police, CID, P. Sitharama Anjaneyulu, in a press release on Tuesday here, said, “As part of this investigation, the CID has specifically targeted subscribers who made cash deposits in chit groups amounting to over one crore rupees. These individuals are under scrutiny to determine the nature and legitimacy of their transactions. The CID’s aim is to ensure compliance with the regulations set by the RBI and the CBDT, which are designed to prevent money laundering, financial fraud, and other illicit activities.”
