Odisha CID arrests former Andhra MLA MV Prasad over his alleged involvement in chit fund scam

Bhubaneswar: The Odisha CID (crime wing) arrested former MLA from Andhra Pradesh Malla Vijay Prasad over his alleged involvement in 2019 chit fund scam on Monday evening in Visakhapatnam.

According to the reports, Vijaya Prasad is the chairman of Andhra Pradesh Education and Welfare Development Corporation and senior leader of the YSR Congress Party.

According to sources, His company Welfare group has allegedly duped investors of around Rs 1200 crore. The company was majorly active in Berhampur, Jeypore, Similiguda, Bhadrak, Balasore and some coastal areas in Odisha, and many cases have been registered against his company  in various police stations in Odisha.

A team of Crime Branch of the Odisha Police raided his residence and office in Visakhapatnam yesterday and seized Rs 45 lakh and several documents.

Police registered the cases under IPC sections 406, 420, 467, 468, 471 and 120 (B).