Nation Crime 09 Nov 2017 AP businessman caugh ...

AP businessman caught in Paradise row

DECCAN CHRONICLE. | ASIF YAR KHAN
Published Nov 9, 2017, 2:32 am IST
Updated Nov 9, 2017, 2:32 am IST
N. Prasad accused of illegal off-shore investment.
Yet another industrialist from Andhra Pradesh, Mr Nimmagadda Prasad, who is an accused in an illegal investments case along with YSRC chief Y. S. Jagan Mohan Reddy, figures in the Paradise Papers for allegedly evading taxes and running offshore companies.
 Yet another industrialist from Andhra Pradesh, Mr Nimmagadda Prasad, who is an accused in an illegal investments case along with YSRC chief Y. S. Jagan Mohan Reddy, figures in the Paradise Papers for allegedly evading taxes and running offshore companies.

HYDERABAD: Yet another industrialist from Andhra Pradesh, Mr Nimmagadda Prasad, who is an accused in an illegal investments case along with YSRC chief Y. S. Jagan Mohan Reddy, figures in the Paradise Papers for  allegedly evading taxes and running offshore companies. Mr Prasad’s name had figured in the fourth of the 11 chargesheets filed by the CBI between 2012 and 2014 in the quid pro quo case. His name had also figured in a previous expose, the Bahama Papers.

In this latest expose, the records leaked from the offshore law firm Appleby that revealed connections between Mr Prasad, the Ras Al Khaimah Inves-tment Authority (Rakia), Vodarevu and Nizampat-nam Port Industrial Corridor (Vanpic), and Lebanese-Swiss national Khater Massad, who was chief executive of Rakia and who, along with Mr Prasad, signed all agreements of the Vanpic project.

 

According to the Paradise Papers and reports in the public domain, an internal report by Appleby stated that in 2008, Rakia transferred $110 million to two Mauritius companies — RAK Vision Ltd and RAK Infra Holdings Ltd — both incorporated by Mr Prasad and his associates as private companies in 2008. The “funds were transferred to Indian companies and transferred to related parties to Nimmagadda Prasad.”

In May 2013, the CBI told the court that of the money invested in Mr Jagan Mohan Reddy’s companies, Rs 140 crore was routed from Mauritius-based companies to be allegedly diverted to two Jagathi Publications and Bharathi Cements Corporation Pvt Ltd. Based on the CBI chargesheet, the Enfor-cement Directorate has provisionally attached certain personal properties of Mr Prasad and Vanpic. The CBI said it had no information about the latest expose.

 “I am totally unaware of the Paradise Papers till I saw it in the newspaper two days ago. I do not own any offshore company in Malaysia. Some vested interests are trying to malign me by dragging my name unnecessarily into this controversy. I will initiate legal proceedings against them,” Mr Prasad said.

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Location: India, Telangana, Hyderabad




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