STOCK MARKET BSE NSE

EOW to seek Malla Vijay Prasad’s remand

The former Visakhapatnam West MLA, who is the managing director of Wellfare Buildings and Estates, was arrested from his residence at Seethammadhara in Andhra Pradesh on Monday.

Published: 09th September 2021 09:29 AM  |   Last Updated: 09th September 2021 09:29 AM   |  A+A-

Malla Vijaya Prasad, former MLA and chairman of AP Education and Welfare Infrastructure Development Corporation (APEWIDC)

Malla Vijaya Prasad, former MLA and chairman of AP Education and Welfare Infrastructure Development Corporation (APEWIDC)

By Express News Service

BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch will seek remand of former MLA and senior leader of YSR Congress Party Malla Vijay Prasad in connection with Wellfare Buildings and Estates Pvt Ltd chit fund scam in Odisha.

EOW will apply for Prasad’s remand in Odisha Protection of Interests of Depositors Court in Cuttack on September 13 for questioning the accused to ascertain whether Wellfare Buildings and Estates had opened its offices in other parts of Odisha apart from Bhubaneswar, Narasinghpur (in Cuttack district) and Nayagarh. The agency will probe the financial trail of the ponzi firm and if the money collected fraudulently from the investors was utilised by Prasad to produce Telugu films under the banner of Welfare Creations. Besides, the sleuths will find out if any other official of the firm was engaged in Odisha to con the investors.

The former Visakhapatnam West MLA, who is the managing director of Wellfare Buildings and Estates, was arrested from his residence at Seethammadhara in Andhra Pradesh on Monday. Prasad, currently chairman of Andhra Pradesh Education and Welfare Infrastructure Development Corporation, and two directors of the firm are accused of duping more than 150 depositors to the tune of over `2 crore in Bhubaneswar, Narasinghpur and Nayagarh between 2009 and 2014.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp