Former MP Vundavalli Arun Kumar. File picture
| Photo Credit: Special Arrangement
Rajamahendravaram former MP Vundavalli Arun Kumar on March 14 appealed to the Andhra Pradesh authorities to put in writing to the Securities and Exchange Board of India (SEBI), requesting it to probe into the irregularities unearthed within the circumstances involving Margadarsi Chit Fund Private Limited (MCFPL).
The Department of Registration and Stamps is investigating the irregularities allegedly dedicated by the MCFPL. A sequence of raids have been performed on numerous branches of the agency throughout the State.
Also learn: Margadarsi chit fund chairman and MD conspired with department managers to divert cash, say probe officers
“The Registrar of Companies has submitted a report on the MCFPL, in which it suggested an inquiry into the issue by the SEBI. The State government should appeal to the SEBI to inquire into the issue,” Mr. Arun Kumar informed the media right here.
He alleged that the MCFPL didn’t deposit the cash collected from chit fund subscribers in any nationwide financial institution, violating the rules.
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