Prasad invested heavily in J-firms
The CBI has recorded the statements of former collectors of Prakasam and Guntur who worked during YSR's regime apart from IAS officials like Mr Samuel and Mr M.G.V.K. Bhanu who are currently holding revenue and infrastructure subjects. Mr Prasad had invested Rs 100 crore in Jagati Publications, Rs 244 crore in Bharati Cements, Rs 20 crore in Carmel Asia Holdings Private Limited (which has invested in Jagati Publications and Indira Television) and Rs 140 crore in Sandur Power Company Limited. He had purchased 21.42 lakh shares at a premium of Rs 650 per share and paid Rs 140 crore to Sandur Power.
Officials of infrastructure and ports departments had allegedly colluded with YSR, Mr Jagan Mohan Reddy, Mr Vijay Sai Reddy and Mr Prasad and issued three key GOs “in a hurry” between July 7 and July 11, 2008. Vanpic, spread over 15,000 acres, was given concessions under the Stamps and Registration Act. Former special secretary of infrastructure department K.V. Brahmananda Reddy played a key role in issuing the GOs for revision of port limits (GO 29, July 7, 2008), award of the project (GO Ms No. 30, July 10, 2008).
Approval of concession agreements, development of ports of Vadarevu and Nizampatnam (GO Ms No. 31, July 11, 2008) were issued by infrastructure and investment (Ports-1) department. The revenue department issued two others GOs. The companies linked to Prasad G. Corporate Services Limited, Suguni Constructions, Alpha Villas, Alpha Venues and Gilchrist Investments invested Rs 244 crore in Bharati Cements. Rs 100 crore was invested in Jagati by Alpha Villas (Rs 15 crore), Alpha Aven-ues (Rs 15 crore), Gilchrist Investments (Rs 70 crore) in Jagati Publications. Mr Prasad had acquired 27,77,774 shares at a premium of Rs 350 in Jagati.
Post new comment