Odisha police on Monday arrested former Visakhapatnam West Zone MLA and YSRCP leader Malla Vijaya Prasad over his alleged involvement in a multi-hundred crore chit fund case.
Sleuths of the Economic Offence Wing of Odisha Crime Branch with the help of Visakhapatnam police conducted a raid at Prasad’s house and arrested him. They also seized Rs 45,00,000 and other important documents from his residence.
According to police sources, 52-year-old Prasad, who is currently the chairman of Andhra Pradesh Education and Welfare Development Corporation, will be brought to Bhubaneswar today for further interrogation following a health check-up at Visakhapatnam. Later he will be produced before a magistrate.
According to reports, 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 Suryakant Jena)