The stamps and Registrations Department has conducted raids on Maragadarshi Chit Fund offices across Andhra Pradesh the last month. There are no further steps in these raids later on.
But then, the Government is making the officials make negative comments on Margadarshi trying to scare the customers and thereby impact Ramoji Rao’s businesses.
The other day, Stamps and Registrations Department IG V Ramakrishna warned the customers of the chit fund while making investments in Margadarshi.
“Maragadarshi did not give the information we sought. Giving self-certification is not enough. We don’t believe in words like trust, insult, fire, etc. We will only work with information and facts,” he said.
“We are not satisfied with the information provided to us. So, we are in doubt. We are asking those investing in chits to exercise caution,” he added.
Income Tax and ED do not make such statements. They only go legally when they get any proof. But it is obvious what is going on in Andhra Pradesh.
It is clear that the government is trying to impact Margadarshi’s business by scaring the investors without substantial proof. Probably Jagan is trying to hit Ramoji Rao this way.