HYDERABAD: Justice Ujjal Bhuyan of the Telangana High Court on Tuesday heard the petition filed by Nimmagadda Prasad who sought discharge of his name from the in Vadrevu Nizampatnam Industrial Corridor (VANPIC) projects case filed by the Central Bureau of Investigation (CBI).
T Niranjan Reddy, counsel for Nimmagadda Prasad submitted that the CBI had alleged that his client had invested in the YS Jagan's company, to receive benefits and Vadrevu Nizampatnam Industrial Corridor projects by the then government, when YS Rajasekhara Reddy was the Chief Minister.
But, his client also invested Rs 350 crore in Jagathi Group after the demise of YSR. CBI had not revealed it, only it has stated that the investments by Nimmagadda was a quid pro quo. He also submitted that his client had invested Rs 35 crore in 2006 in Sandur company, which belongs to Jagan and is now valued at Rs 148 crore.