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Two arrested in Jagan's alleged corruption case

By PTI
May 15, 2012 22:48 IST
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Former special secretary to Andhra Pradesh government K V Bramhananda Reddy and noted industrialist Nimmagadda Prasad were arrested by the Central Bureau of Investigation on Tuesday in connection with an alleged disproportionate assets case involving Kadapa MP Y S Jaganmohan Reddy.

Bramhananda Reddy, an Indian Railways Accounts Service officer, at present posted in Kolkata was called to Hyderabad and arrested by the CBI after intense questioning over his alleged role in helping Jagan in amassing wealth disproportionate to his known sources of his income, CBI sources said.

Nimmagadda Prasad alias Matrix Prasad was arrested after two days of intensive questioning. He is accused No 12 in the case. He allegedly invested over Rs 500 crore in different businesses of Jagan.

He is charged with investing Rs 100 crore in Jagati Publications that publishes Sakshi Telugu daily, besides putting in another Rs 244 crore in Bharati Cements and Rs 200 crore in Carmel Asia, all floated allegedly by Jagan.

The then government headed by Jagan's father (late) Y S Rajasekhara Reddy allegedly allotted 15,000 acres of land in Prakasam and Guntur districts to Prasad's company for development of the Vadarevu-Nizampatnam Port and Industrial Corridor.

The CBI, in its charge sheet filed in the disproportionate assets case, alleged that Prasad invested huge money in Jagan's business ventures as a quid pro quo for the benefits he secured from the then YSR government.

Incidentally, Prasad also has stake in Maa Television in which Congress MP Chiranjeevi, his brother-in-law Allu Aravind  and Telugu actor Akkineni Nagarjuna too have stakes.

In the Jagan's disproportionate assets case, Prasad has been charged under Sections 120 (B), 420, 409 and 477 (A) of the IPC.

The CBI alleged that Brahmananda Reddy played a key role in the Vanpic episode as the then secretary of Infrastructure and Investment Department. The agency has already filed three charge sheets in connection with the case.
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