The CBI special court, on Wednesday, rejected the bail application of noted industrialist Nimmagadda Prasad, on grounds that investigations into the alleged irregularities in the implementation of the VANPIC project were still pending.
The court, while rejecting his bail petition, conceded to the arguments of the Central Bureau Of Investigation that Nimmagadda had invested nearly Rs. 800 crore in the businesses of Kadapa MP Y S Jaganmohan 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 had pleaded that he had invested Rs. 1,000 crore in the project, and denied the allegations of the prosecution. (INN)