It is known to our readers that Industrialist Nimmagadda Prasad who is A3 in VANPIC case was arrested in Serbia on the complaint of Ras Al Khaimah. He is out of the jail on conditional bail but was asked not to leave the country. Meanwhile, the UAE had started the process of extradition. YSR Congress MPs are trying to pursue GoI to exert diplomatic pressure on Serbia to get him released.
But the Center is not keen on intervening. At this point, Nimmagadda‘s Lawyers came up with an interesting plan. They informed the court that the VANPIC case will not proceed further if Nimmagadda is not back in the country and so asked the court to urge CBI to bring him back to the country.
However, the court did not buy the argument and refused to give any such instruction. The judge also confirmed that the case will go as is. Nimmagadda Prasad in a Joint Venture with Ras Al Khaimah took up Vodarevu-Nizampatnam Port and Industrial Corridor (Vanpic) Project during YSR regime. The then government has allotted 24000 acres of land the project flouting the rules. Later, as a part of an alleged quid pro quo deal, Nimmagadda invested 850 Crore in Jagan’s companies in the form of investments at exorbitant premiums
Nimmagadda also made a donation of 7 Crore to YSR Foundation. The TDP Government after coming to Power in 2014 canceled this project. All the lands allotted to the company were attached by the ED and Ras Al Khaimah claims that it is unaware of the fraud modus operandi and has resulted in massive losses due to the project
