No relief for Nimmagadda Prasad in Jagan DA case
Hyderabad: A local court on Monday refused bail to industrialist Nimmagadda Prasad, arrested by CBI in a disproportionate assets case allegedly involving Kadapa MP Y S Jaganmohan Reddy.
The special court for CBI cases here dismissed Prasad`s bail plea with the investigating agency urging the court against granting any relief to the businessman contending that the investigations into VANPIC (Vodarevu and Nizampatnam Ports and Industrial Corridor) project have reached a crucial phase.
According to CBI, Prasad, as chairman of Matrix Group, got nearly 24,000 acres of land sanctioned by Andhra Pradesh government for VANPIC project as quid pro quo for investments made by him in Jagan`s businesses when Y S Rajasekhara Reddy was chief minister.
Prasad requested the court to grant him bail on the ground that CBI has completed its probe in the case and he has extended all cooperation to the agency. However, the court turned down his application.
According to CBI, Prasad is accused of exaggerating to the tune of Rs 300 crore the land acquisition cost for Vanpic Project.
Prasad incorporated Matrix Enport Holdings Pvt Ltd during December 2007-January 2008 and the next month the government of RAK (Ras Al Khaimah) addressed Andhra Pradesh government for creation of the proposed Vanpic project on government-to-government basis, the agency had said.
More from India
More from World
More from Sports
More from Entertaiment
- DNA: US army's joint exercise with Indian Army and their consolation on Uri attack
- DNA: Analysis of Indus water treaty between India and Pakistan
- India to activate lazer walls on LOC to stop infiltration
- India- America joint military exercise begins in Ranikhet
- EPFO to launch new online system for pensions and PFs soon
- Donald Trump praises Hindu community's contributions to US
- Five takeaways from Sushma Swaraj's speech at UN General Assembly
- Reliance Jio impact: Vodafone offers 10 GB data at 1 GB rate
- 7 scenarios Pak will face directly if India scraps Indus Waters Treaty – Read details
- REALITY CHECK of WhatsApp message: How common man can sign petition to declare Pakistan a terror state