CBI opposes Prasad bail plea

Aug 23, 2012 |

Hyderabad

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The Central Bureau of Investigation has requested the special court for CBI cases not to grant bail to industrialist Nimmagadda Prasad as the investigation into the case is still underway. They also said that Prasad might try and influence witnesses in the Kadapa MP Y.S. Jagan Mohan Reddy illegal assets case, most of whom were his employees. Opposing the bail, the CBI filed a counter on Wednesday stating that the central probe agency is yet to ascertain the end beneficiary of the Rs 300 crore in illegal assets case.

The CBI also said Mr Prasad’s share in the Rs 17,000 crore Vanpic project was worth Rs 25 crore and the agency was investigating the motives behind his investment. The probe agency also alleged that Prasad was director of Indu projects, which he used to route money to various companies promoted by Jagan Mohan Reddy.

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