India News

Nimmagadda Prasad, along with his brother Nimmagadda Prakash and few other biggies of Hyderabad, are named in the recently revealed Bahamas Leaks. All those industrialists allegedly registered around 30 companies in the tax haven from 2007 to 2009.

About 1.5 million documents were released by the International Consortium of Investigative Journalists (ICIJ) from the Bahamas corporate registry. The data included the names of directors of around 1.75 lakh companies, foundations and trusts registered between 1990 and 2016, including 475 linked to India.

The ICIJ stated: “We do not intend to suggest or imply that any persons, companies or other entities included in the ICIJ Offshore Leaks Database have broken the law or otherwise acted improperly.”

CBI chargesheeted Mr Prasad in the Vanpic ports case of quid pro quo investments involving YSRCP Chief Jagan Mohan Reddy. Allegedly, Prasad invested Rs 854.50 crore in Jagan’s companies and in return was allotted thousands of acres of land in Guntur and Prakasam districts of AP.