Bhubaneswar: The Economic Offences Wing of the Crime Branch, Odisha Police will take into remand former Visakhapatnam MLA M Vijay Prasad for three days from today. Malla is the Managing Director of Welfare Buildings and Estates and was arrested in connection with a chit fund case. The Special OPID Court in Cuttack has granted three days remand for Malla.
Malla is accused of cheating many people in the name of giving higher returns to investments through his group of companies. A number of cases have been registered against him in Bhubaneswar, Narasinghpur and Nayagarh districts. The Crime Branch is expected to quiz Vijay on the financial trail of the money collected from the investors and where it has been invested. Reports indicate, Malla has spent huge amounts of money in the Telugu film industry.
He was a former MLA of Visakhapatnam (West) from Congress and presently he is a member of the YSR Congress Party and Chairman of Andhra Pradesh Education and Welfare Infrastructure Development Corporation. He alongwith two other directors of his company have reportedly dupes investors of more than two crore rupees in Odisha between 2009 to 2014.