CBI court grants bail to industrialist involved in Jagan case

Last Updated: Thursday, July 11, 2013 - 19:35

Hyderabad: A special CBI court granted conditional interim bail on Thursday to industrialist Nimmagadda Prasad, an accused in connection with the case pertaining to quid pro quo deals involving jailed Kadapa MP and YSR Congress chief Y S Jaganmohan Reddy.
Prasad, a promoter of the controversial Vadarevu, Nizampatnam Port and Industrial Corridor project (VANPIC) project, presently lodged in Chanchalguda jail here, was granted 13 days` conditional bail to enable him to attend the funeral of his close relative.

The court directed him to submit a personal bond of Rs 25,000 and two sureties.
Jail authorities were directed to post a three-person escort along with the accused, who was granted conditional bail from today till July 23, between morning 8 am to 6 pm, with a direction to Prasad, to subsequently produce himself before the jail authorities daily.

According to the 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 investments, allegedly to the tune of Rs 854 crore, made by him in Jagan`s businesses, when his father, the late Y S Rajasekhara Reddy was Andhra Pradesh Chief Minister.

The CBI, which arrested Prasad on May 15 last year, had earlier contended that various undue concessions were extended to VANPIC, which allegedly committed several deviations from its agreed plan, to construct two ports and a huge industrial corridor in Prakasam and Guntur districts.

PTI



First Published: Thursday, July 11, 2013 - 19:35

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