CBI likely to file additional chargesheet against Prasad

Annetego

Editor

posted on 54 years ago — updated on 1 second ago

15
views

Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google NewsThe Central Bureau of Investigation (CBI) is likely to file an additional chargesheet against industrialist Nimmagadda Prasad on August 16 in connection with alleged disproportionate assets involving Kadapa MP YS Jagan Mohan Reddy. Prasad, also known as Matrix Prasad, was arrested by the CBI on May 16 and has been questioned many times in connection with the Vadrarevu and Nizampatnam Port & Industrial Corridor (Vanpic) project and his investments into Jagan Mohan Reddy's companies allegedly in gratitude for allotment of lands in Prakasam and Guntur districts.Prasad has been named as accused no 12 in the case and is lodged at the Chanchalguda Central Prison. According to the rules, the CBI needs to file a chargesheet within 90 days of his arrest to keep him in judicial custody. Prasad allegedly invested about Rs 500 crore in Jagan Mohan Reddy’s companies and he is the promoter of the Vanpic Projects Private Limited, which was allotted more than 15,000 acres of land in Prakasam district by the then Y S Rajasekhara Reddy regime. Several concessions were allegedly extended to the Vanpic project under the Stamps and Registration Act.Ras al Khaimah, one of the emirates in UAE, is the co-promoter of the Vanpic project. The project was aimed at the development of a world-class port.first published:January 01, 1970, 05:30 ISTlast updated:January 01, 1970, 05:30 IST
window._taboola = window._taboola || [];_taboola.push({mode: 'thumbnails-a', container: 'taboola-below-article-thumbnails', placement: 'Below Article Thumbnails', target_type: 'mix' });Latest News

The Central Bureau of Investigation (CBI) is likely to file an additional chargesheet against industrialist Nimmagadda Prasad on August 16 in connection with alleged disproportionate assets involving Kadapa MP YS Jagan Mohan Reddy.

Prasad, also known as Matrix Prasad, was arrested by the CBI on May 16 and has been questioned many times in connection with the Vadrarevu and Nizampatnam Port & Industrial Corridor (Vanpic) project and his investments into Jagan Mohan Reddy's companies allegedly in gratitude for allotment of lands in Prakasam and Guntur districts.

Prasad has been named as accused no 12 in the case and is lodged at the Chanchalguda Central Prison. According to the rules, the CBI needs to file a chargesheet within 90 days of his arrest to keep him in judicial custody.

Prasad allegedly invested about Rs 500 crore in Jagan Mohan Reddy’s companies and he is the promoter of the Vanpic Projects Private Limited, which was allotted more than 15,000 acres of land in Prakasam district by the then Y S Rajasekhara Reddy regime. Several concessions were allegedly extended to the Vanpic project under the Stamps and Registration Act.

Ras al Khaimah, one of the emirates in UAE, is the co-promoter of the Vanpic project. The project was aimed at the development of a world-class port.