HC seeks report on Vanpic probe

Published: 21st September 2012 10:56 AM  |   Last Updated: 21st September 2012 10:56 AM   |  A+A-

Justice Samudrala Govindarajulu of the High Court asked the CBI on Thursday to explain the stage of the investigation against the Ras Al Khaimah in the Vanpic deal.

The judge was hearing the bail plea of Nimmagadda Prasad alias Matrix Prasad, one of the promoters of the controversial Vanpic project and accused in the YS Jagan Mohan Reddy’s assets case. The CBI opposed the bail plea on the ground that further investigation was in progress.

Referring to the MoU on the Vanpic project, the judge pointed out that  Vanpic was not the only party in the MoU but was also the government of Ras Al Khaimah,a West Asian country. “Why had the CBI not investigated the role of Ras Al Khaimah in the case so far?’’ he wondered and asked the CBI counsel to explain the stage of the investigation against Ras Al Khaimah in the case.

CBI counsel P Kesava Rao replied that the investigating agency had issued notice to the Ras Al Khaimah. The judge remarked that the CBI’s investigation had apparently been going one-sided. Rajshekhar Rao, a counsel from Delhi appearing for Prasad, told the court that his client was a well-established business entrepreneur and was best known for his role in transforming Matrix from a sick unit to a profit-making company within a span of six years. He said his client purchased Matrix Lab for just `3 cr. 

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp