Ramoji Rao, daughter-in-law booked by AP CID in another Margadarsi case

The Andhra Pradesh CID has registered a new case against Ramoji Group chairman Cherukuri Ramoji Rao and his daughter-in-law and Margadarsi Chit Funds managing director Sailaja Kiran based on a complaint filed by Gadireddy Yuri Reddy, son of one of the founders of Margadarsi G.Jagannatha Reddy.

A case was registered under Section 42O, 467, 120-8, read with 34 IPC.Ramoji Rao and Shailaja Kiran were included as A1 and A2 in the case.In his complaint, Yuri Reddy stated that his shares in Margadarsi were changed changed and given in Shailajas name by force.

He alleged that Ramoji Rao threatened him with a gun and forcibly grabbed him after he refused to subscribe his shares.As of 2016, the value of the shares in his name was Rs 1,59,69,600 but Ramoji Rao gave a Union Bank cheque of only Rs 39,74,000.

However, Yuri Reddy has stated in the complaint that he did not sign the document but Ramoji Rao forged his signature and transferred the shares in others names.He said that his father Jagannath Reddy had invested Rs 5,000 in 1962 when Margadarsi Chit Fund company started operatoins.

He said that Ramoji Rao had given some shares in Jagannath Reddy’s name in the guide.Yuri Reddy approached the CID seeking justice for not cashing the cheque given by Ramoji Rao as he had no intention of giving his shares to other people.The CID, on the basis of the complaint, registered a case in the Crime No.17/2023 and started investigation..