All India chit fund body backs Margadarsi, says no complaint against firm ...Middle East

Taking exception to the press note issued by the Andhra Pradesh Crime Investigation Department (CID) on alleged irregularities by Margadarsi Chit Fund Private Ltd, the All India Association of Chit Funds on Thursday claimed that there were no complaints against the firm. The body in a press release said the CID is comparing registered chit companies with Ponzi and multilevel marketing companies like Sahara, Sharadha, or Satyam Computers whose failure was on account of the misuse and misappropriation of public funds. The association also said what chit funds accept from their subscribers are not deposits at all and with the kind of assets they have, it is impossible for Margadarsi kind of the

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