Hyderabad: The Bahamas Leaks by the International Consortium of Investigative Journalists have revealed the names of seven city-based industrialists including Nimmagadda Prasad and his brother Nimmagadda Prakash who had allegedly registered around 30 companies in the tax haven from 2007 to 2009.
The ICIJ released nearly 1.5 million documents from the Bahamas corporate registry on Wednesday. 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.”
Blue Lotus International Limited, Heramec Limited, Marsun Enter-prises Limited linked to the Hyderabad-based industrialist were also named. Mr Prasad had been chargesheeted by the CBI in the Vanpic ports case of quid pro quo investments involving AP Opposition leader Y.S. Jagan Mohan Reddy.
The CBI had alleged that Mr Prasad had invested Rs 854.50 crore in Mr Reddy’s companies and in return was allotted thousands of acres of land in Guntur and Prakasam districts of AP.
Bahama Leaks no link to Vanpic
The Bahamas Leaks by the International Consortium of Investigative Journalists have revealed the names of seven city-based industrialists. The Bahamas Leaks has nothing to do with the Vanpic quid pro quo investment case.
According to the Bahamas Leaks, both Prasad and Prakash were directors of overseas companies and had resigned from most of them later.
Prasad was director of Crystal Lake Properties LLC, Best Skyline Inc. and Rougemont Holdings Limited. Prakash was director of Silver Cliff Properties Inc, Best Skyline Inc, Crystal Lake Properties LLC, Best Horizon Inc, Coventina Estate Inc, Top Skyline Inc, Superscape Inc and Rougemont Holdings Limited. Both have quit almost all companies except for one or two.
Investigations revealed that 28 companies had the same address, in Sairam Towers in Secunderabad. Mr Prasad and Mr Prakash were not available for comment.
