Andhra industrialist Prasad sent to jail (Lead)May 16th, 2012 - 9:05 pm ICT by IANS
Hyderabad, May 16 (IANS) A CBI court Wednesday sent leading Andhra Pradesh industrialist Nimmagadda Prasad and bureaucrat K.V. Brahmananda Reddy to judicial custody till May 30 in the case relating to alleged illegal assets of YSR Congress Party leader Y.S. Jaganmohan Reddy.
The CBI, which arrested the duo Tuesday night, produced them before the CBI court. They were later shifted to Chanchalguda Central Jail.
The agency also moved a petition seeking 14-day custody of the accused for further interrogation. The court posted the matter for hearing Thursday.
Meanwhile, the CBI, in its remand report, alleged that Prasad invested Rs.884 crore in the companies of Jagan Reddy.
It informed the court that Prasad invested Rs.505 crore in Jagan’s businesses before the agreement over Vadrarevu and Nizampatnam Port and Industrial Corridor (Vanpic).
The CBI said it had to arrest them to prevent them from tampering with the evidence.
Prasad, popularly known as Matrix Prasad in industrial circles, is the 12th accused in the First Information Report (FIR) registered against Jagan and 72 others in August 2011.
According to the CBI, Jagan allegedly conspired with his father and then chief minister Y.S. Rajasekhara Reddy to extend several concessions to Prasad’s firms in a quid pro quo for the investments he made into Jagan’s business.
Prasad’s Matrix Enport and the government of Ras Al Khaimah (UAE) are the two promoters of Vanpic, a proposed world-class port and integrated industrial cluster which was allotted 15,500 acres of land by Rajasekhara Reddy’s government.
Brahmananda Reddy, the then special secretary, infrastructure and investment, was arrested for playing a key role in issuing government orders relating to the land allotments.
Both Prasad and Brahmananda Reddy have been charged with cheating, criminal conspiracy, criminal breach of trust and falsification of accounts.
The CBI has filed three charge sheets in the case and is likely to file four to five more.
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- CBI to continue questioning Jagan Sunday (Lead) - May 26, 2012
- CBI grills Jagan, two others in illegal assets case (Lead) - Jun 05, 2012
- Andhra minister named in Jagan's illegal assets case - Aug 13, 2012
- CBI begins grilling Jagan for second day - May 26, 2012
- CBI questions Jagan for third day, summons two aides - Jun 05, 2012
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- CBI grills Andhra minister in Jagan case - May 23, 2012
- Andhra minister resigns after CBI names him in charge sheet - Aug 15, 2012
- Andhra minister arrested in Jagan graft case (Third Lead) - May 24, 2012
- Andhra minister arrested in Jagan graft case (Second Lead) - May 24, 2012
- Andhra minister arrested, sent to judicial custody in Jagan graft case (Evening Lead) - May 24, 2012
- Jagan arrested in assets case, Andhra on alert (Lead) - May 27, 2012
Tags: breach of trust, cbi court, central jail, charge sheets, congress party, criminal breach of trust, criminal conspiracy, crore, falsification, government orders, industrial circles, industrial cluster, industrial corridor, industrialist, information report, jagan, judicial custody, ras al khaimah, ras al khaimah uae, s matrix