Matrix Prasad Arrested In Jagan Assets Case

Matrix Laboratories founder Nimmagadda Prasad and former special secretary to Andhra Pradesh government K V Bramhananda Reddy were arrested by the CBI on Tuesday night, in connection with the case of the alleged disproportionate assets of Kadapa MP Y S Jaganmohan Reddy.

K V Bramhananda Reddy, an Indian Railways Accounts Service officer posted in Kolkata, was called to Hyderabad and arrested by the CBI after questioning over his alleged role in helping Jagan amassing wealth disproportionate to his known sources of his income, CBI sources said.

Nimmagadda Prasad, also known as Matrix Prasad, was arrested after 2 days of intensive questioning. He is accused No. 12 in the case. He allegedly invested over Rs. 500 crore in different businesses of Jagan. Prasad has been charged under Sections 120 (B), 420, 409 and 477 (A) of the Indian Penal Code.

Prasad is charged with investing Rs. 100 crore in Jagathi Publications, that publishes the Sakshi Telugu daily, besides putting in another Rs. 244 crore in Bharati Cements, and Rs. 200 crore in Carmel Asia. All these companies have been allegedly floated by Jagan.

The then government, headed by Jagan's father (late) Y S Rajasekhara Reddy, allegedly allotted 15,000 acres of land in Prakasam and Guntur districts to Prasad's company, for the development of the Vadarevu-Nizampatnam Port and Industrial Corridor.

In its chargesheet, the CBI alleged that Matrix Prasad had invested lots of money in Jagan's businesses, as quid pro quo for the benefits received from the YSR government.

Prasad also has stake in MAA Television, in which Congress MP Chiranjeevi, his brother-in-law Allu Aravind, and Telugu actor Akkineni Nagarjuna, too, have stakes.

The CBI alleged that Brahmananda Reddy played a key role in the Vanpic episode, as the then secretary of the Infrastructure and Investment Department. The agency has filed 3 chargesheets in connection with the case.