Bhubaneswar, Sep 7 (PTI) The Odisha Police has arrested YSRCP leader Malla Vijay Prasad for his alleged involvement in a chit-fund scam case, an officer said on Tuesday.

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Prasad, who is the chairperson of the Andhra Pradesh Education Welfare and Infrastructure Development Corporation, was arrested by the Economic Offence Wing (EOW) from Visakhapatnam on Monday, Superintendent of Police Gagarin Mohanty told reporters.

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The former legislator is the managing director of Welfare Building and Estate Pvt. Ltd and the main accused in a multi-crore deposit fraud case, the EOW tweeted.

Prasad was brought to Odisha after getting a transit remand from a local court on Tuesday.

He was produced in a court of the Odisha Protection of Interests of Depositors in Cuttack, it added.

He had allegedly embezzled money through different schemes by promising high returns to depositors , public prosecutor Biswajit Mohapatra said.

Prasad was sent to judicial custody and the court will decide on his bail plea on Monday, Mohapatra added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)