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Former MP Vundavalli Arun Kumar. Document photograph
| Photograph Credit score: Particular Association
Rajamahendravaram former MP Vundavalli Arun Kumar on March 14 appealed to the Andhra Pradesh executive to jot down to the Securities and Trade Board of India (SEBI), inquiring for it to probe into the irregularities unearthed within the instances involving Margadarsi Chit Fund Private Limited (MCFPL).
The Division of Registration and Stamps is investigating the irregularities allegedly dedicated through the MCFPL. A chain of raids had been performed on quite a lot of branches of the company around the State.
Additionally learn: Margadarsi chit fund chairman and MD conspired with branch managers to divert money, say probe officials
“The Registrar of Corporations has submitted a document at the MCFPL, by which it steered an inquiry into the problem through the SEBI. The State executive must attraction to the SEBI to inquire into the problem,” Mr. Arun Kumar informed the media right here.
He alleged that the MCFPL didn’t deposit the cash accrued from chit fund subscribers in any nationwide financial institution, violating the information.
