Andhra Pradesh Business Educational Legal Legislature

Raids conducted on Margadarsi chit fund, finance companies in Andhra Pradesh

Amaravati: The Stamps and Registration officials on Tuesday launched searches in Margadarsi chit fund and other finance companies all over the state.

According to information, the department undertook the search after it noticed that the money raised through chits was being diverted to other activities.

It had also found that the records and accounts were not in order and finance business was carried out without proper clearance.