Amaravati (Telangana) : The Visakhapatnam district administration has returned the cash and checks seized from the staff of Seethampet branch of Margadarshi Chit Fund. The seizure was made on April 2 when the Margadarsi staff were taking subscribers' cash of Rs. 51,99,800 and 51 Account Payee checks worth Rs 36,88,675 to deposit in the bank.
The checking squad of the current general election made the seizure. The Margadarsi staff explained to the checking squad that March 30 and 31 were Saturday and Sunday and April 1 was a bank holiday, which was why the collections from the subscribers on March 30 and 31 was being taken to be deposited in the bank on April 2.
Daily cash register was handed over the checking squad. The details of the chits, the names of the subscribers from whom the cash and checks were received are mentioned in the cash register. However, the checking squad seized all the cash and cheques. Margadarsi has taken this matter to the attention of the Income Tax Department and Returning Officers. All evidence including receipts for cash deposited by customers and statements of bank transactions for the previous ten days has been submitted.
Margadarsi also handed over the daily cash register and bank statements for the same period last year. The IT department examined them and clarified that it was not appropriate to seize the cash and checks belonging to Margadarsi.
To that extent, IT Department Deputy Director M. Rajeev Ramesh wrote a letter to the convener of the district redressal committee in the collector's office on April 17. Correspondence took place between the convenor of the redressal committee, the returning officer and the police personnel. The returning officer, who has received the investigation report from the police, wrote a letter to the district treasury officer on May 6 to release the cash and checks seized from Margadarsi. However, even after the clearance given by the IT department, they took 20 days to release the cash and cheques.
A slap to 'Sakshi' media: All the required evidence and documents were shows but the poll checking squad seized cash and checks from Margadarsi staff and it was against the rules. Sakshi media belonging to the Jagan Mohan Reddy family has spread misinformation on that incident. It has engaged in a smear campaign and mudslinging that Margadarsi cash and checks are being moved against the Election Code.
Sakshi media put out false reports repeatedly that Margadarsi staff did not show evidence when asked by the police. It made another baseless allegation that the money was being diverted to the candidates of a major party. In the last election too, this media had published false stories claiming that funds were given to the contesting candidates of this party through the chit fund branch. It tried to undermine the trust of the subscribers and create misconceptions.
IT department clarified that it is wrong to confiscate cash and checks from Margadarsi staff. It is a slap in the face of conspirators who plotted to falsify facts and tarnish the image of Margadarsi Chit Fund Company. Margadarsi has a reputation for its strict discipline and has proven once again that it works with an unwavering commitment and dedication to safeguard the interests of its subscribers.
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