AP: Court refuses bail to industrialist Nimmagadda Prasad
Hyderabad: The special CBI court on Wednesday dismissed the bail application of industrialist Nimmagadda Prasad, arrested in connection with the case pertaining to quid-pro-quo deals involving jailed Kadapa MP, Y S Jaganmohan Reddy.
This is the second time the court has turned down Prasad`s plea. It had rejected the earlier bail application on July 30.
CBI, opposing the bail, had said it had yet to carry out more investigation into the controversial VANPIC project, promoted by Prasad.
Prasad contended, among other things, that the accused in the fourth chargesheet filed by CBI had not been arrested, while he was still in jail.
According to CBI, Prasad, as a chairman of Matrix Group, got nearly 24,000 acres of land from Andhra Pradesh government in 2007-08 for VANPIC, in return for for investments, allegedly to the tune of Rs 854 crore, made by him in Jagan`s businesses, when Y S Rajasekhara Reddy was the Chief Minister.
The central agency, which arrested Prasad on May 15, had earlier contended that various undue concessions were extended to Vadarevu and Nizampatnam Port and Industrial Corridor project (VANPIC).
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Entire Indian force can't defend Kashmir from terrorists: Farooq Abdullah
- Woman cop transferred within 24 hours of spat with Haryana minister Anil Vij
- It's a reality, Muslim youths from South India more attracted to ISIS: Kiren Rijiju
- Sheena Bora murder: Why did Indrani send servant to Kolkata to get illegal drugs?
- PM Narendra Modi meets journalists at Diwali Milan