Former Visakhapatnam West Zone MLA and YSRCP leader Malla Vijaya Prasad, who was recently arrested by Odisha police over his alleged involvement in a multi-hundred crore chit fund case, has Tollywood link.
SP of Economic Offence Wing of Odisha Crime Branch Gagarin Mohanty has revealed that Prasad is a heavyweight producer in Telugu cinema industry.
According to reports, Prasad was making movies under big banners by allegedly investing crores of chit fund rupees.
It is worth mentioning that sleuths of the Economic Offence Wing of Odisha Crime Branch with the help of Visakhapatnam police had conducted a raid at Prasad’s house and arrested him on September 6. They had also seized Rs 45,00,000 and other important documents from his residence.
52-year-old Prasad, who is currently the chairman of Andhra Pradesh Education and Welfare Development Corporation, was brought to Bhubaneswar on Tuesday for further interrogation following a health check-up at Visakhapatnam. Later he was produced in a special chit fund court in Cuttack. The court will hear his bell petition on Sunday.
Prasad-owned Wellfare Buildings and Estates Pvt Ltd has been accused of duping thousands of depositors from Odisha, Andhra Pradesh and Chhattisgarh to a tune of Rs 1,200 crore. A case was booked against him by the Odisha Police in 2019.
Earlier in 2016, the CBI had searched his office and residential premises in connection with alleged chit fund scams to the tune of hundreds of crores.
(Edited by Rashmi Ranjan Mohanty)