Chit fund scam: CID seeks help of central agencies

Vijayawada: The crime investigation department (CID) on Wednesday issued a statement saying that multiple and serious financial irregularities have been detected in the affairs of Margadarsi Chit Fund Pvt Ltd (MCFPL) which have to be dealt with by not just the police, but also other specialised agencies like Income Tax (IT), Enforcement Directorate (ED), and Serious Fraud Investigation Office (SFIO).The CID flagged the three central agencies along with the DGP of Telangana, Tamil Nadu, and Karnataka where MCFPL is having its operations. The CID also sent the findings of its investigation and requested the central agencies and police in other states to initiate necessary action against MCFPL on its financial irregularities. The CID further stated that it found various irregularities that include activities which indicate to a large scale of money laundering, etc.