Nimmagadda Prasad, a noted industrialist, has been arrested by Serbian Police, after he was found guilty in the Vodarevu-Nizampatnam port and Industrial Corridor (VANPIC) project.
The complaint was filed by Ras Al Khaima, who took up VANPIC project, along with Nimmagadda during late YS Rajashekar Reddy’s regime. YSR also allotted 24000 acres for the project in the state.
As part of this quid pro quo deal, Nimmagadda allegedly invested Rs 850 crore in the companies of Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, as he is also a close associate of the latter. Nimmagadda also faced CBI investigation for the same.
But after TDP gained the power in the state, it scrapped the agreements with VANPIC project. Ras Al Khaima then had to face severe losses due to the project, due to which it was called off soon.
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The UAE company then lodged a complaint against Nimmagadda and also arrested him in Serbia, while he was on his family vacation. After knowing the information, the YSRCP MPs are lobbying with the External Affairs Minister Jaishankar, for the release of Nimmagadda. They also submitted a letter in this regard, for the immediate response.