YSR Congress Chief Y S Jaganmohan Reddy claims that he and his father
Dr. Y S Rajasekhara Reddy were totally innocent in the Vanpic case. He
has told the CBI that he had never talked to any minister or official
when his father was the Chief Minister of Andhra Pradesh.
He did not ever discuss about his business with his father.
He has also not informed his father about the massive investments being made into his companies by Nimmagadda Prasad and others.
CBI says all are bundle of lies
Jagan, Nimmagadda Prasad, former minister Mopidevi Venkata Ramana,
Dharmana Prasada Rao (resigned minister), and IAS officers Manmohan
Singh and Samuel have all claimed to be innocent in the Vanpic deal.
CBI has dug deeper into the case and prepared a report to show how
all these people were involved in the scam. A Telugu newspaper claims to
have got a copy of this report and published it.
According to the report, CBI got evidence to disprove every claim of the accused in the case.
Jagan has claimed that his father was not aware of Nimmagadda’s
investments in his companies. Nimmagadda had invested in his company 14
months before Nimmagadda joined the Ras Al Kaima’s Vanpic venture, he
added. He has also claimed that the Vanpic agreement was G2G (government
to government) and he had nothing to do with the deal. He has also
argued that Nimmagadda was not put to loss, because of his investments
in Silicon Builders company, owned by his group. He has explained that
with the investments made by Nimmagadda, fixed assets were created in
infrastructure companies Marvel Infra Structure, Shalom Infra, Janani
Infra and Inspire Hotels. He said Silicon Builders had earned profits
through sale of these properties. He also said that Nimmagadda has
invested Rs. 350 crores which he earned through sale of his shares in
Bharati Cements in ‘Sakshi’.
Jagan met Nimmagadda in CM’s camp office
CBI has now gathered evidence that Jagan actually met Nimmagadda
Prasad in the Chief Minister’s camp office. This was confirmed by Raja
Praturi, financial adviser of Nimmagadda Prasad.
CBI has in this report argued that there was no need for Jagan to
meet any official as he had influenced his father. This was evident from
the late YSR deciding to permit Nimmagadda get several official favours
irregularly. Officials have obliged the then Chief Minister and
benefited Nimmagadda.
G2G only to hoodwink government
The G2G was a plan hatched to hoodwink the government and subvert
rules, CBI said. Nimmagadda received irregular benefits several times
between 2006 and 2009, said CBI. These benefits look more like rewards
for his investments in Jagan’s companies, CBI said in this report.
Having been benefited, Nimmagadda has decided to continue the
arrangements made earlier and invested Rs. 430 crore in Jagan’s
companies even after YSR’s death.
Jagan got benefits – not Nimmagadda
Jagan received heavy financial gains through Nimmagadda’s
investments. But Nimmagadda himself has not received any benefit, CBI
found.
Nimmagadda has not received any return on his investment of Rs. 57
crore in Silicon Builders and Rs. 20 crore in Carmel Asia Holdings for a
long time. Jagan has used most of the investment Nimmagadda made in
Silicon Builders for acquiring properties in Hyderabad and Bangaluru.
Nimmagadda has made these investments at a time when Vanpic files were
briskly moving in government offices.
In 2007, Nimmagadda has diverted Rs. 35 crore to Jagan’s accounts.
This money was used to meet the financial requirements of Raghuram
Cements. CBI said though there was the possibility of investing in the
company directly, Nimmagadda was made to invest, through transfer of
shares of Sandur Power Company at a premium price of Rs. 140.
Where are the profits?
CBI has also disputed Jagan’s claim that Nimmagadda had earned
profits. The agency said that the profits earned by Nimmagadda were
pumped into Sakshi and questioned how then Nimmagadda could be said to
have made any profit.
Nimmagadda’s lies
Nimmagadda was a successful entrepreneur. He has purchased sick
companies and put life in them and transformed the units into
money-spinners. He became a big industrialist, starting life from a very
common level.
Nimmagadda while claiming that he was not a small speculative
investor, said his investments in Jagan’s companies were strategic and
had nothing to do with the Vanpic project. Stating that he got Rs. 560
crore for his investment of Rs. 280 crore in Bharati Cements, Nimmagadda
has questioned if an investment that got 100 percent return could be
called unwise.
Nimmagadda also argued that Vanpic was a G2G project and he was just a
representative of the Ras Al Kaima government and was only answerable
to them.
It is my money – government has not lost anything
Nimmagadda also argued that the ‘Build Operate Transfer’ system was
applicable only to ports and not industrial corridors. Stating that he
had purchased lands for the Industrial Corridor with his own money and
it was approved by the state government. He also argued that the state
government had not lost anything as it had not made any investment in
the Vanpic project.
He also argued that the state government had signed the draft
concession agreement he sent and claimed that he was not responsible for
the administrative lapses committed by the government.
CBI says it is all scam
CBI is arguing that Nimmagadda had not made any profit out of his
investments in Jagati Publications, Silicon Builders, Carmel Asia
Holdings and Sandur Power. But Jagan made financial gains through these
investments. Stating that Nimmagadda received several official favours
irregularly between 2006 and 2009, the agency is arguing that a clear
connection between these favours and his investments in Jagan’s
companies could be established.
Nimmagadda had no experience
CBI is also questioning how mega projects like Vanpic, Shipyard and
Ongole airport were handed over to him though he had no experience in
the infrastructure area. CBI is also arguing that G2G system was done
away with, half way through. Contrary to the agreement, CBI said lands
and concessions were transferred to Vanpic Projects Ltd., in which
Nimmagadda owned major shares. YSR has ignored the objections of top
officials and bestowed benefits on Nimmagadda.
Mopidevi, Dharmana not innocent either
CBI is arguing that it was not possible for any one to escape his
responsibility by stating that he had just implemented the directions of
YSR. The report said that Dharmana Prasada Rao who was then Revenue
Minister had allotted 18,878 acres to Vanpic though the state cabinet
had approved allotment of only 4,000 acres.
CBI has also dismissed the defense of former minister and now jailed
Mopidevi Venkata Ramana. Mopidevi has said that Vanpic Project was a
cabinet decision and he had simply implemented it. He has claimed that
he could not be individually blamed for implementing a cabinet decision.
It was Mopidevi who has sanctioned the Rs. 17,000 crore Vanpic
project when he was the minister for Infrastructure and Investments.
Vadarevu shipyard and Ongole airport projects were cleared in favour of
Nimmagadda with extraordinary swiftness, though he had no previous
experience in these areas. CBI has also effectively disputed the claims
of innocence by senior IAS officers. The report which was leaked by a
prominent Telugu newspaper might turn things unfavourable to the
ministers and officers facing charges.
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