The CBI on Wednesday conducted raids on 33 offices and group of companies across 5 states belonging to noted Tollywood producer cum financier and former Congress MLA and current YSRCP leader Malla Vijaya Prasad in connection with an alleged chit fund scam involving hundreds of crores.
The CBI carried out its searches at 82 locations in Andhra Pradesh, Odisha, Bihar, Jharkhand and West Bengal, including the former MLA's official residence in Vizag. During the raids, the CBI seized Rs. 44.90 lakh in cash from the his residence.
As per the reports, Malla Vijaya Prasad's company Welfare Building and Estate Limited illegally collected huge deposits from public on false promises of unbelievable returns, by purchasing lands, conducting private placements, issuing shares or debentures and other such pretexts.
Several cases were registered against the MLA's firms and their directors, following an order by the Jharkhand High Court. Malla Vijaya Prasad earlier produced Nithiin's Seetharama Kalyana Lankalo and Allari Naresh's Seema Tapakai etc and financed several leading stars' films
The CBI carried out its searches at 82 locations in Andhra Pradesh, Odisha, Bihar, Jharkhand and West Bengal, including the former MLA's official residence in Vizag. During the raids, the CBI seized Rs. 44.90 lakh in cash from the his residence.
As per the reports, Malla Vijaya Prasad's company Welfare Building and Estate Limited illegally collected huge deposits from public on false promises of unbelievable returns, by purchasing lands, conducting private placements, issuing shares or debentures and other such pretexts.
Several cases were registered against the MLA's firms and their directors, following an order by the Jharkhand High Court. Malla Vijaya Prasad earlier produced Nithiin's Seetharama Kalyana Lankalo and Allari Naresh's Seema Tapakai etc and financed several leading stars' films
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