The first information report (FIR) filed by the Central Bureau of Investigation (CBI) in the alleged disproportionate assetscase of Kadapa MP YS Jagan Mohan Reddy lists PVP Ventures and group companies as accused No 19 among the total number of 74 accused.
It is alleged that Potluri Vara Prasad of PVP Ventures invested Rs 146.970 crore in Jagathi Publications Private Limited (JPPL), owned by Jagan Mohan Reddy. The name of PVP Ventures does not find a mention in the chargesheet filed by the investigating agency though sources say that Potluri Vara Prasad is close to Jagan Mohan Reddy.
Potluri Vara Prasad, the Chairman and Managing Director of PVP Ventures, was on Thursday the lone bidder for Deccan Chargers. Hailing from Vijayawada, Vara Prasad, popular as PVP, is the co-founder of the Engineering school, Prasad V Potluri Siddhartha Institute of Technology, in Vijayawada. Known for his work in the film industry in south India, he owns PVP Energy, PVP Cinema and PVP Foundation under PVP Ventures.
Sources said that Vara Prasad, who has produced the film ‘Eega’, likes to keep a low profile. However, he has wide-ranging interests spanning entertainment, real estate, finance and power generation. He is also one of the producers of actor Kamal Hassan’s magnum opus ‘Vishwaroopam’, one of most expensive movies made in the country. “He also has a sizeable equity holding in the Karvy group,” said sources.
In the CBI’s FIR, it is alleged that PVP Ventures, along with Cuboid Realtors, Mantle Realtors, Metaphor Real Estates and Projects and PVP Business Towers Private Limited, invested `55 crore, `35 crore, `6 crore, `10 crore and `40.97 crore respectively, making the total investment of `146.970 crore in JPPL.