YCP Leader In Rs 1,200 Cr Chit Fund Scam; Arrested!

Former MLA and Chairman of AP Education and Welfare Development Corporation, Malla Vijaya Prasad has been arrested by the Odisha CID Police for his alleged involvement in Vizag Chit Fund scam which totals up to Rs 1,200 crore.

Malla was charged under the sections 406, 420, 467, 468, 471 and 120 (B) of IPC r/w section 4,5 and 6 Prize Chits (PC) and Money Circulation (MC) schemes 1978 and Section 6 of OPID Act 2011.

The CID police say that this fraud was unearthed in 2019 when the depositors were not paid their dues. Upon several complaints, the police filed a case and launched an investigation. On Monday the Odisha CID police reached Vizag and took the permission of higher officials before heading towards Malla for questioning.

Malla Vijaya Prasad was originally in Congress and in 2009 elections he contested from Vizag West constituency. In the 2019 elections, Malla was given a ticket from the same constituency but he lost and recently Jagan government appointed him as the chairman of Education and Welfare Development Corporation.

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