CBI puts Potluri inquiry on back burner

May 21, 2012 |

Hyderabad

Tags:

Central Bureau of Investigation has put the probe against industrialist Potluri Vara Prasad, a Jagan firm investor, on the back burner. CBI sources claim that Nadergul lands allotted to PVP Ventures and group of companies are in a legal dispute due to which Vara Prasad figures last in the priority of the investigative agency. Mr Potuluri Vara Prasad who is a film producer and financier too hails from Vijayawada.

PVP ventures and group of companies is named as accused 19 in the FIR for investing Rs 147 crore and in an alleged quid pro quo and got 595 acres of land. CBI sources said that first the alleged conspiracies related to other investors will be probed and steps like arrests and chargesheets will be filed. “As there is a dispute in Nadergul lands the CBI will take up the probe against PV at last,” said a source.

PVP Business Ventures private limited was allotted 1.38 lakh shares in Jagathi Publications at a premium rate of Rs 350. It is alleged that it is involved in buying government land to an extent of 595 acres in Survey number 664 and 721 at Nadergul village in Saroornagar mandal of Ranga Reddy district. The allegations is that the company paid bribe under the guise of buying shares. The PVP group consists of PVP business ventures, Cuboid realtors, Mantle realtors, Metaphor Real estates and projects and PVP Business towers limited invested Rs 55 crore, Rs 35 crore, Rs 6 crore, Rs 10 crore and Rs 40.97 crore respectively making the total investment of Rs 146.9 crore in jagathi.

PVP produced films in Tamil and Telugu like Veedinthe starring Vikram, Deeksha Seth, Vishwaroopam starring Kamal Haasan, Naan Ee in Tamil(Eega), Irandaam Ulagam in Tamil and Telugu and another untitled film. Vara Prasad who began his business career in United States has invested around Rs 886 crore in Indian companies.

Post new comment

<form action="/comment/reply/153528" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-cd9302e47d2fbc425e392a48bb6a5338" value="form-cd9302e47d2fbc425e392a48bb6a5338" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="88779517" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>