YSRCP seeks thorough probe into Margadarsi Scam

Hyderabad: YSRCP has called for a comprehensive and transparent investigation into the Margadarsi Chit Fund scam, emphasizing the need for justice and accountability.

Speaking to the media at the party central office here on Sunday, Former Minister Ambati Rambabu said despite violating numerous laws and operating his companies, finance institutions, and chit funds for almost five decades, no one has dared to question Ramoji Rao’s activities.

He said Ramoji Rao used the media as a shield to build an empire of corruption, violating multiple laws, and collecting unauthorized deposits from the public. Despite years of offenses, the current Chief Minister Chandrababu Naidu never acted against Ramoji, and now his successors continue to operate with impunity.

Rambabu highlighted the pivotal role of former MP Undavalli Arun Kumar, who first exposed Margadarsi's illegal deposits in 2006. After years of court battles, the Supreme Court ordered a reinvestigation into the matter, and the Reserve Bank of India recently confirmed that Margadarsi’s deposits were illegal. Rambabu warned that those involved, including Margadarsi's directors, cannot escape trial and punishment if found guilty.