Former MLA sent to 3-day police custody

Visakhapatnam: An Odisha protection of interests of depositors court in Cuttack has remanded YSRC leader and former MLA Malla Vijaya Prasad to three days’ police custody for interrogation. Prasad is currently chairman of Andhra Pradesh Education and Welfare Infrastructure Development Corporation (APEWIDC).
It may be recalled officials of the economic offences wing of the crime branch, CID, Odisha, had arrested Prasad from his residence in Vizag city a few days ago in connection with the Welfare Buildings and Estate Pvt Ltd chit fund scam in that state.
The enforcement agency asked the court to grant three days’ police custody of Prasad for interrogation.
A senior officer said they will probe the financial trail of the Ponzi firm and if deposits collected fraudulently from investors in Odisha were utilised by Prasad to produce films under the banner of Welfare Creations. “We will also find out if any other Ponzi firm was engaged in parts of Odisha to con investors,” the officer said.
The enforcement agency is yet to spell out the exact amount of fraud.