The Andhra Pradesh government has been approaching the Margadarsi chit fund case with unforeseen vigour. The government has filed multiple FIRs on the case already.
The case has been taken up to the Supreme Court with the government of Andhra Pradesh pushing to move the case from the Telangana high court.
The lawyers of Margadarsi argued the case in the Supreme Court “the government of Andhra Pradesh has been acting with political intentions in the Margadarsi case. They are filing multiple FIRs just to pressurise the management.”
“The AP CID has been pushing to move the case from Telangana high court. But the operations of the firm are mainly in Hyderabad so the case is to be argued at Telangana court.”
The principal argument of the AP government has been that Margadarsi misused the funds of the chit fund subscribers to make investments in mutual funds. They’re blaming Margadarsi of criminal charges and financial fraud.
