PTI
 
Hyderabad, Feb 22: Andhra Pradesh police on Wednesday conducted searches at the office of Margadarsi Financiers, owned by media baron Ramoji Rao, in the wake of allegations of financial irregularities against the firm.

Armed with a search warrant issued by a local court, a team of 17 CID officials went to the head office of Margadarsi Financiers at Saifabad here and carried out the search to obtain details about its depositors and accounts.

Earlier, Inspector General of Police (CID) Krishna Raju moved an application before First Additional Chief Metropolitan Magistrate Pramila Reddy seeking a search warrant.

The raid came nearly a week after the government- instituted inquiry by former IRDA Chairman N Rangachari concluded that the firm had violated the provisions of the RBI Act by collecting huge deposits from public.

However, the move evoked strong protest from the main opposition TDP, which termed it as an "assault on the press freedom".

"It is a clear act of vindictiveness. The Congress government here and at the Centre will be responsible for the consequences," TDP supremo and former Chief Minister N Chandrababu Naidu said.

After the Ranchachari Commission submitted its report to the government on February 15, it was widely expected that the CID will be asked to proceed against the company.