Hyderabad, July 20: The CBI Special Court at Nampally on Friday reserved its orders on the bail petition of industrialist Nimmagadda Prasad to July 30.
The Special Court after hearing the arguments and counter arguments over the bail petition of Nimmagadda Prasad, posted the petition to July 30. The CBI arrested Nimmagadda Prasad, the promoter of VANPIC project, in connection with disproportionate assets case of YSR Congress party president Jaganmohan Reddy.
In the arguments, Nimmagadda Prasad’s counsel E Umamaheshwar Rao claimed that there was no nexus between his client’s investments in Jagan companies and the benefits and concessions received by him or his companies as quid pro quo arrangement as being charged by the CBI. He said that the prosecution had got its facts wrong on many aspects of the case and the reasons cited opposing the bail petition were on flimsy grounds based on suspicion.
Nowhere in its charge-sheets filed so far the CBI had mentioned YSR as an accused but named him a conspirator along with Jagan and Prasad in the FIR, he said.
However, CBI counsel B Ravindranath observed that Nimmagadda and sacked minister Mopidevi Venkata Ramana acquired 28,000 acres for the VANPIC project while giving impression to the State Government that only 4,000 acres were acquired. He said that Prasad sold the land to realtors for Rs 12.5 lakh against the acquired price of land between Rs 70,000 to Rs 1.5 lakh per acre.
He observed that though the acquisition should have been done through Vanpic Ports Limited, the sale of lands was done through Vanpic Projects Limited. (INN)
—
(INN)