Hyderabad: The Panama Papers has put focus on three Hyderabad-based businessmen as their British Virgin Island based offshore companies figure in the ICIJ (International Consortium of Investigative Journalists) investigation.
Apart from the offshore entities, they were also directors of a UK-based company and dozens of companies floated in India, mostly in Hyderabad.
Read: Panama Papers: Hyderabad industrialist Moturi was in Rs 19 crore scam
Entrepreneur Moturi Srinivas Prasad who is currently the secretary of Jubilee Hills International Centre, geologist-turned- businessman Jaya Kumar Bhavanasi, and legal correspondent-turned-businessman Volam Bhaskar Rao are directors of several offshore entities that figure in the Panama Papers.
Mr Prasad said, “I was the executive chairman of Nandan Cleantech PLC in London. The company went for a public issue and several major investors like the Dubai government and Lloyds Bank invested in it.
Read: Panama papers: Directors deny any dealings
Based on the advice of auditors, I become a director in BVI Companies, Yes De Ventures SA, Sika Securities Ltd, Bhasu Capitals Ltd and Bee Pee Investments Corp, which had share holdings in Nandan Cleantech, in the year 2011.”
