The Andhra Pradesh Crime Investigation Department (AP CID) has accused Sailaja Kiron, managing director of Margadarsi Chit Fund Private Limited (MCFPL), of not cooperating with the investigation into the alleged irregularities in the company.
Addressing the media at the Secretariat, near here, on June 7 (Wednesday), CID IG Ch. Srikanth and Additional Superintendent of Police Ravi Kumar said the department was investigating into several irregularities, including the alleged diversion of the subscribers’ money into the mutual funds.
Denying media reports that the CID was harassing Ms. Sailaja Kiron and company chairman Ch. Ramoji Rao, the Additional Superintendent of Police said, “The CID is not defaming Margadarsi or its associated organisations. We are only doing investigation as per merits. The investigation officers are giving due respect to the accused while questioning.”
“Ms. Sailaja Kiron did not respond to the questions posed by the CID on June 6 in Hyderabad. Only 25% of the investigation has been completed, and we need to get more details. But the accused are deliberately refusing to respond,” the officials alleged.
The Margadarsi management was not revealing information in its possession to the CID, Mr. Ravi Kumar alleged.
“They created hurdles while entering into their house as part of the investigation. We went to their house on June 6 as requested by the accused. Ms. Sailaja Kiron did not cooperate with the investigation. She did not respond properly. She did not give clarifications to certain doubts,” Mr. Ravi Kumar alleged.
“We informed Ms. Sailaja Kiron that we would come again as we did not get proper information. We will issue summons again,” he added.
“There is no pressure on the CID. We are investigating the case based on a complaint from the Registration and Stamps Department. The subscribers too are lodging complaints now,” he said.
