CBI arrests industrialist Nimmagadda Prasad in Jagan case

Hyderabad The Central Bureau of Investigation (CBI)on Tuesday arrested industrialist Nimmagadda Prasad in the case relating to alleged illegal assets of YSR Congress Party leader Y.S. Jaganmohan Reddy.

The arrest was made after the CBI officials questioned him throughout the day. The CBI sources said he would be brought before a magistrate on Wednesday.

Prasad, popularly known as Matrix Prasad in the industrial circles, is the 12th accused in the case.

The second accused to be arrested in the case, Prasad has been charged with cheating, criminal conspiracy, criminal breach of trust, and falsification of accounts.

Prasad allegedly invested Rs 504 crore in the companies of Jaganmohan Reddy in return for the favours he reportedly received from his father and then chief minister Y.S. Rajasekhara Reddy.

Prasad's Matrix Enport is one of the two promoters of Vadrarevu and Nizampatnam Port & Industrial Corridor (Vanpic). The government of Rajasekhara Reddy had allotted 5,500 acres of land to Vanpic in Prakasam and Guntur districts.

The CBI made the arrest as it is gearing up to file fourth chargesheet in Jaganmohan's disproportionate assets case. Prasad is likely to figure in the charge sheet.

Story First Published: May 15, 2012 22:28 IST

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