Rajahmundry congress MP Undavalli Arunkumar, who gave sleepless nights to the media baron Ch. Ramoji Rao during the YSR regime by continuously revealing the legal violations by his financial institutions and ensuring the closure of the Margadarsi Financiers, re-launched his crusade against him today by demanding the RBI to take action against his chit fund organization Margadarsi Chit Funds claiming that the company has not been observing rules and regulations prescribed by the RBI.

“The chit funds company has not been following the rules of RBI and Ramoji rao is running the organization fully violating the norms,” Undavalli complained in his letter given to the RBI Governor D. Subba Rao in Delhi.

He requested the governor to pursue the issue seriously and take necessary action as soon as possible to stop the violations by the Margadarsi Chit Funds. The letter, running into four pages, points out several irregularities and violations being committed by the company. “I have complained in the past also against the company but no action has been taken,” Undavalli said and asked Subba rao to initiate immediate action against the company management.