The CBI will most likely file charge sheet on Monday against venture capitalist Nimmagadda Prasad and others in a case that is threatening to turn as big as the one Kadapa MP Y.S. Jaganmohan Reddy is facing for acquiring assets as a quid pro quo.
Heavier toll
Interestingly, the case against Prasad is a spin-off of investigation into investments in Jagan’s businesses, but it has taken a heavier toll than that of the latter. While Jagan is the only person to be arrested so far in the original case that the CBI is investigating on the orders of the High Court, ex-Minister Mopidevi Venkataramana Rao and former special secretary K.V. Brahmananda Reddy and Prasad himself have landed behind bars for alleged irregularities in implementation of Vanpic project.
The CBI told the court a few days ago that it will take a view on senior IAS officer Manmohan Singh when it files the charge sheet on Prasad and others, making the case all the more top heavy. Mr. Singh was the principal secretary of infrastructure and investments when Mr. Venkataramana Rao was the Minister holding the portfolio.
The investigating agency alleged in court that Mr. Singh’s predecessor Brahmananda Reddy used his clout with Jagan’s father and late Chief Minister Y.S. Rajasekhara Reddy to get plum postings during his four-year deputation to the State government. He is an officer of Indian Railway Accounts Service who also served as Director of Ports and Managing Director of AP Aviation Corporation.
The CBI secured 90 days to file the charge sheet against Prasad since his arrest on May 15 because he was booked for criminal breach of trust under Section 409 of IPC which allowed that much period for completing the job. Venkataramana Rao and Brahmananda Reddy were arrested as co-accused though they did not figure in the FIR registered against Jagan.
Industrial corridor
Among others, Prasad was charged with a conspiracy to acquire 24,000 acres in the hinterland of Vodarevu and Nizampatnam ports in Prakasam and Guntur districts for the purpose of an industrial corridor and trying to sell a portion of it to power houses. He invested about Rs. 800 crore in Jagan’s companies for the favour shown to him.
