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Telangana HC dismisses Nimmagadda Prasad’ plea to quash CBI charges

Telangana HC dismisses Nimmagadda Prasad’ plea to quash CBI charges

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Telangana High Court dismissed industrialist Nimmagadda Prasad’s petition seeking quashing of charges against him framed by CBI in VANPIC case, which is related to former AP CM YS Jagan Mohan Reddy`s disproportionate assets cases.

 On Monday, Justice K Lakshman of High Court pronounced court’s decision. Srinivas Kapadia, the counsel for CBI, submitted that investigation agency had thoroughly probed the case against Nimmagadda Prasad and collected evidence that the Vanpic Project was given to Prasad by the then AP government and allotted more than 15,000 acres of land in Prakasam and Guntur districts to companies promoted by Prasad in violation of all the laws, rules and norms and granted several concessions.

CBI dismissed the quash petition filed by him seeking dismissal of the case registered against him. In its chargesheet, the CBI said that Nimmagadda had received many concessions from the then government by investing Rs 850 cr. Allegedly, it was all part of a quid pro quo.

As a quid pro quo, Nimmagadda Prasad invested about Rs 854.50 cr in companies such as Carmel Asia Holdings Pvt. Ltd., Bharathi Cements, Jagathi Publications Pvt. Ltd., Silicon Builders, Sandur Power Company among others, which belong to Jagan Mohan Reddy, the CBI counsel argued.

Kapadia urged the high court not to grant relief to Nimmagadda , otherwise the whole process of trial would be affected.

The senior counsel T Niranjan Reddy, representing Nimmagadda Prasad, argued that his client had been implicated under political pressure. He contended that CBI failed to gather evidence demonstrating any wrongdoing by Nimmagadda Prasad, such as bribery of government officials or others.

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