YS Jagan,Nimmagadda Prasad, Khater Massad links exposed

New Delhi Nov 8: The International Consortium of Investigative Journalists (ICIJ) has once brought out paradise papers - the documents to shun the light on offshore entities.

The documents reveal How Andrapradesh opposition party leader YS Jagan and his investor friends established offshore companies to divert funds.

The documents reveals the name of Industrialist Nimmagadda Prasad who has established offshore companies.The papers expose the dealings of Ras Al Khaimah Investment Authority (RAKIA), Vanpic (Vodarevu and Nizampatnam Port Industrial Corridor),Lebanese-Swiss national Khater Massad who was Chief Executive of RAKIA and Prasad.

The CBI in his charge sheet, filed on August 13, 2012, claimed that
"an estimated 22,000 acres were allotted to Prasad in alleged violation of rules and regulations and despite objections from the State Finance Department.As quid pro quo for land concessions, Prasad invested to the tune of Rs 854 crore in companies owned by Jagan Reddy."

The CBI in 2013 has claimed that Prasad has invested Rs 140 crore which was routed from various Mauritius-based companies into India and diverted into companies of Y S Jagan Mohan Reddy. These include Jagathi Publications and Bharathi Cements Corporations Pvt Ltd.



Documents show that RAK Vision and RAK Infra two companies were setup in Mauritius and these companies progressively transferred funds to Indian companies and transferred to related parties to Nimmagadda Prasad.

Many lakhs of shares from the Mauritius companies into three Indian entities linked to Nimmagadda Prasad — Vanpic Shipyard Private Limited; Vanpic Projects Private Limited and Genexx Enpower Corporation Private Limited.

Earlier GoRAK (Government of Ras Al Khaimah) (GoRAK) and the erstwhile Government of Andhra Pradesh (GoAP) entered into an agreement in 2008 on G2G (Government to Government) basis to develop Port and Port based industrial corridor (Vanpic Project) in a socially, economically backward region of Andhra Pradesh.

The CBI had arrested Prasad in 2012 and the Khater Massad was arrested at the Jeddah Airport in September 2016.