Visakhapatnam, Aug. 5: The Enforcement Directorate (ED) on Tuesday conducted simultaneous searches at the residences and offices of YSR Congress Party (YSRCP) Visakhapatnam West constituency coordinator and Welfare Group of Companies Chairman Malla Vijay Prasad, triggering political attention across Andhra Pradesh and Telangana.

The raids were carried out at five locations in Hyderabad and Visakhapatnam by a team of ED officials from Bihar.

According to sources, the searches are linked to allegations of large-scale financial irregularities involving the collection of public deposits and the alleged diversion of funds during Vijay Prasad's tenure as Chairman of the Welfare Group of Companies.

The ED suspects that the case involves alleged chit fund-related irregularities worth nearly ₹3,000 crore. As part of the investigation, officials examined bank accounts, laptops, digital devices, financial records, and other documents to gather evidence.

Malla Vijay Prasad was elected as an MLA in 2009 and later contested the 2019 Andhra Pradesh Assembly elections from the Visakhapatnam West constituency as a YSRCP candidate. In 2021, he was appointed Chairman of the Andhra Pradesh Education Welfare and Infrastructure Development Corporation. He currently serves as the YSRCP coordinator for the Visakhapatnam West constituency.

The ED has not yet issued an official statement detailing the findings of the searches. The investigation is ongoing, and further action is expected based on the evidence collected during the raids.