The Principal Special CBI here today rejected the bail petition of industrialist Nimmagadda Prasad, an accused in the disproportionate assets case against YSR Congress party President Y S Jaganmohan Reddy. Judge U Durga Prasada Rao, who reserved orders on July 20, dismissed the petition after hearing the arguments from both sides. Mr Prasad was currently lodged in Chanchalguda Jail here. Opposing the bail, CBI Counsel B Ravindranath observed that sanctioning of bail to Nimmagadda Prasad at this crucial phase would impede the investigation and he might tamper with the evidence by influencing the witnesses.
However, Nimmagadda’s counsel E Umamaheshwar Rao claimed that his client fully cooperated with the probing agency so far in the investigations.
As the CBI has collected all vital details in connection with case, there should be no objection for the agency to oppose his client’s bail petition, the counsel pointed out.
However, the special court concurred with the CBI and dismissed Nimmagadda Prasad’s bail petition. The charges on Mr Prasad is that he had sold the land to realtors for Rs 12.5 lakh per acre as against the acquired price of land between Rs 70,000 to Rs 1.5 lakh per acre. He observed though the acquisition should have been done through Vanpic Ports Limited, the sale of lands was done through Vanpic Projects Limited. UNI