ED raids ex-MLA Malla Vijay Prasad’s Bhubaneswar home over chit fund allegations

The Story in Brief

The Enforcement Directorate’s Bhubaneswar zonal office on Wednesday carried out searches at premises linked to former Visakhapatnam MLA Malla Vijay Prasad in connection with an alleged chit fund fraud case. The raids form part of an ongoing investigation into suspected financial irregularities and money‑laundering connected to chit fund operations, and the ED has not yet issued an official statement detailing the outcome of the searches.

Vijay Prasad was arrested by the Economic Offences Wing of the Odisha Crime Branch in 2021 in connection with the alleged scam and was later granted conditional bail by the Odisha High Court. Reports say his company, Wellfare Buildings and Estates Pvt Ltd, is accused of duping thousands of depositors across Odisha, Andhra Pradesh and Chhattisgarh of about Rs 1,200 crore; a case was registered in 2019. The CBI previously searched his office and residence in 2016. The ED is believed to be examining financial transactions, property records and electronic evidence under the Prevention of Money Laundering Act to trace proceeds of crime; further details are awaited.

The Indian Opinion

Reporting on raids, prior arrests and large alleged sums can create a strong impression of guilt before investigations conclude. This article lists several factual elements – past CBI searches, a 2021 arrest, a 2019 police case and media reports of Rs 1,200 crore allegedly involved – but notes the ED has not released results from the recent searches. An ordinary reader should recognise that searches and arrests are investigative steps, not final findings, and that reported figures and accusations will need verification as the ED examines documents and evidence under the PMLA.

Original article: Chit fund crackdown: Bhubaneswar ED raids former Visakhapatnam MLA Malla Vijay Prasad’s residence (OdishaTV)

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