Famous Industrialist Nimmagadda Prasad has been arrested in Belgrade by Serbia Police in relation to the Vanpic Case. Prasad is on a vacation and is stunned by this development. Ras Al Khaima, a small country in UAE has complained about fraud in the Vanpic Project and the arrest happened upon the complaint.
There are reports coming that the YSR Congress Government tried to get him to release through the Government of India. A letter was sent to External Affairs Minister, Jaishankar to exert diplomatic pressure on Serbia Government. But the news got leaked to the media now. Vanpic case is currently in the court and Chief Minister YS Jagan Mohan Reddy is also one of the accused in this case.
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. Since the arrest is made on foreign soil, it is likely to dent the image of Chief Minister Jagan Mohan Reddy politically.
