A Court for CBI cases on Wednesday rejected the bail application of industrialist Nimmagadda Prasad on the ground that investigations into the alleged irregularities in implementation of Vanpic project were still pending.
This is the second bail plea of Mr. Prasad to have been rejected within a month by the CBI Court.
The CBI opposed the bail stating that Mr. Prasad had invested nearly Rs.800 crore in the businesses of Kadapa MP, Y.S. Jagan Mohan Reddy and committed several deviations from the agreed plan for the Vanpic project to construct two ports and a huge industrial corridor in Prakasam and Guntur Districts.
On the other hand, Mr. Prasad pleaded that he had invested Rs.1,000 crore in the project and denied the allegation of the prosecution.
