The Odisha Police arrested Malla Vijay Prasad, a former MLA of Visakhapatnam West Zone from Andhra Pradesh and a senior leader of the YSR Congress and current chairman of Andhra Pradesh Education and Welfare Infrastructure Development Corporation, over alleged involvement in a Rs 1,250 crore chit fund case.
The Economic Offence Wing (EOW) of the Odisha Crime Branch conducted a raid at Prasad’s house with the help of Visakhapatnam police and arrested him. EOW police brought him in transit remand to Bhubaneswar and produced him in the Cuttack Special Chit Fund court.
Prasad-owned Wellfare Buildings and Estates Pvt Ltd. has been accused of duping thousands of depositors from Odisha, Andhra Pradesh and Chhattisgarh.
In Odisha, the company had bought landed property worth crores of rupees in Sambalpur, Jharsuguda, Rairangpur, and Semiliguda but it has not provided a single plot to investors to date.
A team of the Crime Branch of the Odisha Police raided his residence and office in Visakhapatnam yesterday and seized Rs 45 lakh and several documents.