The Enforcement Directorate (ED) has frozen 182 bank accounts and seized more than Rs 1 crore in cash and six high-end cars during a raid in connection with Rs 2,000 crore multi-state chit fund scam, officials said on Tuesday.
In a post on X, the ED said its Bhubaneswar Zonal Office has conducted search operations under the Prevention of Money Laundering Act, 2002 (PMLA) on August 5 at five premises linked with Wellfare Buildings and Estates Pvt Ltd (WBEPL) and its directors at Visakhapatnam and Hyderabad in connection with the investigation in the chit fund scam.
The raids were conducted on the premises of ex-Andhra Pradesh MLA Malla Vilaya Prasad, Varaha Ramakrishna Satya Sinivasa Rao Alla and others, it said.
During the raid, cash in Indian currency amounting to Rs 1.01 crore along with various movable and immovable properties, incriminating materials/documents (property documents, various digital devices) related to WBEPL, its directors and related entities were recovered and ..
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