Prasad put Rs 850 cr in Jagan firms: CBI

Kadapa MP Nimmagadda Prasad put Rs 850 cr in Jagan firms for YSR govt favours: CBI

For the first time,the CBI,which is investigating the illegal assets case against Y S Jagan Mohan Reddy,has told the court about the source of the money with which the Kadapa MP started his business ventures,including Jagathi Publications that publishes Telugu daily Sakshi.

In its report to the special CBI court while seeking custody of businessman Nimmagadda Prasad,arrested on Tuesday,CBI said the late Y S Rajasekhara Reddy government allotted 15,000 acres land in Prakasam and Guntur districts to Vanpic Port promoted by Prasads firms.

The government allotted more than 15,000 acres of land to companies promoted by Prasad violating all norms and granted several concessions under Stamp and Registration Act, the CBI told the court on Wednesday. As a quid pro quo arrangement,Prasad invested in Carmel Asia Holdings,Bharathi Cements,Jagathi Publications,Silicon Builders,and Sandur Power Company. Prasad invested Rs 854.50 crore in the companies belonging to Y S Jagan Mohan Reddy. Prasad disposed of some of these investments but still Rs 505 crore remains invested in companies of Y S Jagan Mohan Reddy including Jagathi Publications.

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The CBI said the government led by Y S Rajasekhara Reddy after coming to an understanding with Prasad,doled out many favours in the form of awarding Vanpic Project,shipyard project,greenfield airport at Ongole. Various undue concessions were extended to the projects.

CBI said in January 2008,Prasad floated Matrix Enport Holdings which entered into a pact with RAK Investment Authority to implement Vanpic Project. RAK is floated by Government of Ras Al Kahima,an emirate of UAE that initially partnered the state government to develop Vadaru and Nizampatnam Ports and Industrial Corridor. CBI said only after Prasads firm came into the picture did the state government allot 15,000 acres land for the project.

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