Former Congress MP Undavalli Arun Kumar has long pursued a legal battle against Ramoji Rao and his company, Margadarshi Chit Funds, which he alleged was involved in improper financial practices. His efforts began during the YSR era and continued through to YS Jagan’s tenure.
Despite his ongoing efforts, Undavalli’s campaign to expose and hold Margadarshi accountable has faced numerous challenges. Recently, Undavalli took his concerns to the Supreme Court (SC), alleging that Margadarshi failed to pay certain depositors their chit amounts.
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The SC, after hearing the case, directed the Telangana High Court to investigate the matter further. The High Court followed up by issuing a public notice in newspapers on September 25th, 2024, inviting anyone who had not received their deposits from Margadarshi Financiers to submit their details by October 1st, 2024.
When the deadline arrived, the Telangana High Court revealed that not a single depositor had come forward to claim that they had not received their dues. This outcome was recorded in the High Court’s proceedings, effectively discrediting Undavalli’s claims regarding Margadarshi’s handling of deposits.
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Additionally, Undavalli had demanded that Ramoji Rao disclose the names of the depositors, but Margadarshi had already submitted a list of depositors to the Supreme Court. This development dealt a blow to Undavalli’s long-standing efforts, as it demonstrated that his assumptions about unpaid deposits were incorrect. Despite his persistent attempts, this latest episode appears to have rendered his campaign against Margadarshi Chit Funds futile.
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