Nimmagadda, who is an accused in corruption cases, was arrested in Siberia last year, following which he was granted bail and allowed to travel to India.

Telugu industrialist Nimmagadda Prasad returns to India in quarantineImage: Wikimedia Commons/Asharshavardhan
news Politics Friday, March 20, 2020 - 10:07

Telugu industrialist Nimmagadda Prasad has returned to Hyderabad after he secured relief from the Supreme Court in Serbia. According to reports, he was immediately placed in quarantine after landing at the Rajiv Gandhi International Airport (RGIA) in the city.

However, it’s unclear if he has been quarantined at home, or at one of the facilities set up by the Telangana government.

Nimmagadda is an accused in the corruption cases being probed against Andhra Pradesh Chief Minister Jagan Mohan Reddy by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), related to the Vadarevu-Nizampatnam Port and Industrial Corridor (Vanpic) project.

The businessman was detained in Serbia in July last year, reportedly based on a complaint by the government of Ras Al Khaimah (RAK) in the United Arab Emirates (UAE). While he was later granted bail, the court in Serbia had ordered him not to leave the country without its permission.

It seems that the court has now granted relief to the businessman and allowed him to travel to India.

The ED had earlier claimed that Nimmagadda allegedly paid bribes to Jagan Mohan Reddy in the form of investments totalling about Rs 779.50 crore in the latter's companies — Jagati Publications Ltd, Carmel Asia Holdings Pvt Ltd, Bharathi Cement Corp Pvt Ltd and Silicon Builders Pvt Ltd. It also launched a probe under the Prevention of Money Laundering Act.   

Investigators in the ED said Nimmagadda also allegedly paid Rs 57 crore to Jagan on the pretext of secondary purchase of shares, besides a donation of Rs 7 crore to the YSR Foundation.

In lieu of the alleged bribes, Nimmagadda was "illegally" awarded the VANPIC project, the ED claimed.

Nimmagadda Prasad, more commonly known as 'Matrix Prasad', is an affluent businessman with connections in the Telugu film industry and in political circles.


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