Jagan’s firms get Rs 140 cr of Vanpic project deal, alleges CBI
The CBI on July 16 told the CBI court that a part of the missing Rs 300 crore in the Vanpic port project deal was invested in YS Jaganmohan Reddy’s firms.
Ras Al Khaimah (RAK) government which had entered into a deal with state government to construct Vanpic project gave Rs 450 crore for land acquisition of which Nimmagadda Prasad had spent only Rs 150 crore on it.
Prasad claimed that he had spent the remaining money on creating ‘good will’ for the project. The CBI has now found out that he had invested Rs 140 crore in Jagan’s firms.
Accusing Nimmagadda and sacked minister Mopidevi Venkata Ramana of duplicity, the counsel said the duo acquired 28,000 acres for the project while they claimed that only 4000 acres were acquired.
Prasad had started selling the land at Rs 12.5 lakh per acre while they acquired at around Rs 1 lakh per acre. The CBI counsel has got hold of Government Orders (GOs) pertaining to the allotment of 22,136 acres so far.
Although acquisition should have been done through Vanpic Ports Ltd., the special purpose vehicle formed for the purpose, it was done through Prasad’s own company, Vanpic Projects Ltd.
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Source: The Times of India
CBI, CBI court, firms, Government orders, Jagan’s firms, land acquisition, minister, Ras Al Khaimah (RAK), State government, Vanpic port project deal, Vanpic Ports Ltd., Vanpic Projects Ltd.
