Bhubaneswar, Aug. 11 -- The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, conducted search operations at five residential and business premises linked to M/s Welfare Buildings and Estates Pvt. Ltd. (WBEPL) and its directors in connection with an investigation into an alleged multi-crore chit fund scam.

As per official sources, the raids were carried out on August 5, 2026, under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002. The premises searched were linked to WBEPL and its directors, including Malla Vijaya Prasad, Varaha Ramakrishna Satya Srinivasa Rao Alla and others, at locations in Visakhapatnam and Hyderabad.

The ED seized Rs 1.01 crore in Indian currency, along with details of various movable and i...