Industrialist nimmagadda prasad was much relieved when the telangana high court on thursday dismissed the CBI's complaint about suspected quid pro quo transactions in the Vadarevu-Nizampatnam Industrial Corridor (VANPIC), which is located between the districts of guntur and Prakasam. In a way, the decision has also benefited ysr congress party chairman and chief minister of andhra pradesh Y S jagan Mohan reddy, who is dealing with a quid pro quo issue that the cbi is looking into.

Because Nimmagadda is also one of the primary investors in Jagan's business empire, this case against him is connected to the Vanpic issue. The cbi was contested in a quash petition filed by Vanpic in the special court for cbi matters, which led to the high court's ruling. The charge sheet was deemed unsuitable for prosecution by the supreme court because of its numerous flaws. Industrialist Nimmagadda began the Vanic project on behalf of the UAE-based business Ras Al Khaimah, for which the administration of Y S Rajasekhar reddy at the time leased 24,000 acres of land. According to the cbi, the land allocation was carried out in contravention of the laws and guidelines in effect.

In exchange for Nimmagadda purportedly investing Rs 854 crores into Jagan's businesses, it was claimed that the project was approved. Additionally, it listed minister Dharmana Prasada Rao and current mp Mopidevi Venkataramana as defendants in the case. Nimmagadda, however, refuted the claims in his petition to quash, claiming there was insufficient evidence to support the quid pro quo transaction in the case.

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G GOWTHAM

29/07/2022 02:34 PM