YSRCP leader arrested by Odisha Police in chit fund case

The Odisha Police has arrested YSRCP leader Malla Vijay Prasad for his alleged involvement in a chit-fund scam case, an officer said on Tuesday.

Prasad, who is the chairperson of the Andhra Pradesh Education Welfare and Infrastructure Development Corporation, was arrested by the Economic Offence Wing (EOW) from Visakhapatnam on Monday, Superintendent of Police Gagarin Mohanty told reporters.

The former legislator is the managing director of Welfare Building and Estate Pvt. Ltd and the main accused in a multi-crore deposit fraud case, the EOW tweeted.

Prasad was brought to Odisha after getting a transit remand from a local court on Tuesday. He was produced in a court of the Odisha Protection of Interests of Depositors in Cuttack, it added.

He had allegedly embezzled money through different schemes by promising high returns to depositors , public prosecutor Biswajit Mohapatra said. Prasad was sent to judicial custody and the court will decide on his bail plea on Monday, Mohapatra added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)