Bhubaneswar, August 10, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has conducted searches at five locations linked to M/s Wellfare Buildings and Estates Pvt Ltd (WBEPL) and its directors in Visakhapatnam and Hyderabad in connection with an alleged multi-crore chit fund scam, the agency said on Monday.
The searches were carried out on August 5 by the ED’s Bhubaneswar Zonal Office under Section 17 of the Prevention of Money Laundering Act (PMLA), 2002. The premises searched included residential and business locations linked to WBEPL and its directors, including Malla Vijaya Prasad and Varaha Ramakrishna Satya Sinivasa Rao Alla.
According to the ED, its teams recovered Rs 1.01 crore in cash during the searches. Electronic devices, computers, mobile phones and documents relating to movable and immovable properties were also seized.
The agency said it froze 182 bank accounts to prevent the suspected accused from moving or using the funds. Six luxury vehicles belonging to the company and its directors were also seized.
The ED said it initiated the investigation based on multiple FIRs and subsequent chargesheets filed by the Economic Offences Wing (EOW), Bhubaneswar; CBI’s Anti-Corruption Bureau, Dhanbad; Odisha Police; and a complaint filed by the Serious Fraud Investigation Office.
The agency’s investigation has allegedly found that WBEPL’s directors and managing director operated a large-scale deposit mobilisation scheme under the guise of a real estate business and collected more than Rs 2,000 crore from the public in violation of statutory provisions.
The ED alleged that funds collected from new investors were used to repay earlier investors, while some money was diverted for unrelated purposes and personal gains. The company also allegedly manipulated financial statements to conceal deposits and carried out irregular land transactions to suppress actual consideration and evade statutory obligations.
The agency said thousands of investors from Odisha, West Bengal, Bihar, Jharkhand, Andhra Pradesh and other states were allegedly induced to invest through various schemes with promises of land in Visakhapatnam.
The investigation is continuing.
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