In a big relief to industrialist Nimmagadda Prasad, the Telangana high court on Thursday quashed the charge sheet filed by the Central Bureau of Investigation into the alleged quid pro quo dealings in Vadarevu-Nizampatnam Industrial Corridor (VANPIC) located between Guntur and Prakasam districts.
In a way, the judgement has also helped YSR Congress party president and Andhra Pradesh chief minister Y S Jagan Mohan Reddy, who is facing a quid pro quo case being probed by the CBI.
This case against Jagan is linked to Vanpic case, as Nimmagadda is also one of the major investors in Jagan’s business empire.
The high court judgement follows a quash petition filed by Vanpic challenging the CBI in the special court for CBI cases.
The high court said the charge sheet had full of loopholes and was not fit case for prosecution.
Vanic project was started by industrialist Nimmagadda on behalf UAE-based company Ras Al Khaimah, for which the then Y S Rajasekhar Reddy government allotted 24,000 acres of land. The CBI said the land allotment was done in violation of prevailing rules and regulations.
It alleged that the project was granted as part of quid pro quo deal with Jagan, as Nimmagadda allegedly invested Rs 854 crores into Jagan’s companies.
It also named present MP Mopidevi Venkataramana and minister Dharmana Prasada Rao as the accused in the case.
In his quash petition, Nimmagadda, however, rejected the allegations, saying there was no evidences to prove the quid pro quo dealing in the case.
“The CBI made baseless allegations in the charge-sheet, stating that there was an oversight by the Governor, the government and the Cabinet in approving the concession agreement made in favour of Vanpic projects. But, It could not submit any evidence,” he said.
