Nimmagadda Prasad's bail plea turned down

August 29, 2012 18:20
Nimmagadda Prasad's bail plea turned down

Hyderabad: The Nampally Court today dismissed the bail plea of Nimmagadda Prasad, one of the accused in Vanpic Case. The court mentioned that it cannot grant bail since Vanpic Case investigation had been underway.  It may be recalled that CBI-which is investigating Jaganmohan Reddy's illegal assets case-arrested Nimmagadda Prasad on May 15 after CBI questioning him for the entire day.

The CBI charged him with  cheating, criminal conspiracy, criminal breach of trust and falsification of accounts. According to the CBI, Nimmagadda Prasad invested 854 crore rupees in the companies run by Jaganmohan Reddy (the prime accused in illegal assets case) since YSR (the then CM of AP and father of Jaga) dolled out favours to Nimmagadda Prasad. Notably, Nimmagadda got 5,500 acres from AP Government for his Vanpic project in Guntur and Prakasam districts.

Notably, CBI in its fourth charge sheet in illegal assets case, which happens to be the first charge sheet in Vanpic case, which was filed on August 13 named Nimmagadda Prasad as an accused in the case. He was also booked under Prevention of Corruption Act.

(AW Phani)

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