CBI Court rejects Nimmagadda's bail plea

Hyderabad, August 29: The CBI Special Court on Wednesday rejected the bail application of noted industrialist Nimmagadda Prasad on the ground that investigations into the alleged irregularities in implementation of Vanpic project were still pending.

The court while rejecting his bail petition, conceded to the arguments of Central Bureau of Investigation that Prasad had invested nearly Rs 800 crore in the businesses of Kadapa MP Y S Jagan Mohan Reddy and committed several deviations from the agreed plan for the Vanpic project to construct two ports and a huge industrial corridor in Prakasam and Guntur Districts.

This is the second bail plea of Prasad to have been rejected within a month by the CBI Court. Earlier, Prasad pleaded that he had invested Rs 1,000 crore in the project and denied the allegation of the prosecution.

-       INN

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