Nimmagadda’s Assets to Be Auctioned in Connection to VANPIC Case

It is known to our readers that Industrialist Nimmagadda Prasad who is A3 in VANPIC case was arrested in Serbia on the complaint of Ras Al Khaimah a few months back. He is out of jail on conditional bail but was asked not to leave the country. Meanwhile, the UAE had started the process of extradition.

This is in relation to a case in which Nimmagadda Prasad in a Joint Venture with Ras Al Khaimah took up Vodarevu-Nizampatnam Port and Industrial Corridor (Vanpic) Project during YSR regime. According to the CBI, The then government has allotted 24000 acres of land the project flouting the rules. Later, as a part of an alleged quid pro quo deal, Nimmagadda invested 850 Crore in Jagan’s companies in the form of investments at exorbitant premiums

Nimmagadda also made a donation of 7 Crore to the YSR Foundation. The TDP Government after coming to Power in 2014 canceled this project. All the lands allotted to the company were attached by the ED and Ras Al Khaimah claims that it is unaware of the fraud modus operandi and has resulted in massive losses due to the project

Ras-Al-Khaima says that it has resulted in a loss of 2800 Crore due to this fraud transaction and the Government is thinking on the lines to push the Government of India to liquidate the assets of Nimmagadda and reimburse their losses. Since it is an international issue, GOI is treading carefully on this issue.