Another Big Fish In CBI Trap
CBI conducted raids on former Visakhapatnam MLA Malla Vijay Prasad who is running Welfare Group of companies across the country. The CBI has raided his house and recovered 44 lakhs from Vijaya Prasad. It is learnt that Malla Vijaya Prasad is doing real estate business in 82 locations in the country. not only that Vijaya Prasad is the managing director of the chit fund company which operates in AP, Telangana, Jharkhand, Bihar, Odisha and West Bengal.
It is alleged that Malla Vijay Prasad had raised money from depositors in the form of chit funds claiming to provide higher interests, and later diverted the money to his personal accounts in violation of the Reserve Bank of India guidelines.
As per our sources CBI officials reportedly also seized several crucial documents in relation to this case which may lead Vijaya Prasad in to trouble. On the other hand Malla Vijaya Prasad also produced few Telugu films under his Welfare Creations Banner recently he announced a new film with new faces.