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Nimmagadda Prasad Listed In Bahamas Leaks

Overseas entities: Prasad Nimmagadda in Crystal Lake Properties LLC (June 7, 2007, to December 27, 2007); Best Skyline Inc (April 1, 2009); Rougemont Holdings Limited (December 27, 2007, to January 3, 2011); Prakash Nimmagadda in Silver Cliff Properties Inc (Director since June 7, 2007); Best Skyline Inc (June 7, 2007, to December 27, 2007); Crystal Lake Properties LLC (December 27, 2007, to January 3, 2011); Best Horizon Inc (June 7, 2007 to December 27, 2007); Coventina Estate Inc (June 7, 2007 to December 27, 2007); Top Skyline Inc (June 7, 2007, to July 26, 2010); Superscape Inc (June 7, 2007 to Dec 27, 2007); Rougemont Holdings Limited (June 7, 2007 to December 27, 2007).

Nimmagadda Prasad, 54, widely known as 'Matrix' Prasad, was initially into the real estate business. He shot to prominence when he took over the ailing pharmaceutical company Herren Drugs in 2000, renamed it Matrix Pharmaceuticals and made a huge profit in 2006 he sold his stake to Mylan Laboratories, US. In 2012, he was named in a CBI case relating to illegal assets allegedly amassed by Y S Jagan Mohan Reddy, chief of YSR Congress Party. Prasad, now out on bail, has been maintaining a low profile since.

Prasad is named as an accused in the CBI's fourth chargesheet for investing in Jagan's companies in lieu of favours granted by Jagan's late father Y S Rajasekhara Reddy, then chief minister. Prasad is alleged to have invested Rs 854.50 crore in Jagan's companies. For this, he was allegedly allotted 15,000 acres land in Guntur and Prakasam districts for the Vadaru and Nizampatnam Port and Industrial Corridor, a project known as Vanpic Port and promoted by Prasad's companies.

In January 2008, Prasad floated Matrix Export Holdings Pvt Ltd which entered into an agreement with RAK Investment Authority to implement the Vanpic project. RAK Investment Authority has been floated by Government of Ras al-Khaimah, one of the emirates in the UAE, which initially partnered the Government of Andhra Pradesh to develop Vadarevu and Nizampatnam ports and the industrial corridor. The MoU for Vanpic involved two small ports on 4,000 acres each on a build, own, operate and transfer basis, but the project never took off.

Prasad invested heavily in healthcare and hospitals in Hyderabad and entered the media business by investing in MAA TV, a Telugu channel, but sold his stake in 2015 to STAR TV for a huge profit. In May 2012, he was arrested by the CBI in the illegal assets case. He was released on bail 17 months later. The Enforcement Directorate has attached most of his assets. Prasad heads the Nimmagadda Foundation, his philanthropic initiative.

Prakash Nimmagadda is Prasad's younger brother. At least 28 firms floated by the brothers have a single address: Sairam Towers, Alexander Road, Secunderabad. Prasad's office is on the first floor of Sairam Towers where his entity iQuest Enterprises Pvt Ltd (formerly MAA Television Network) is located. As per records, Prakash Nimmagadda quit most of the Bahamas companies, except Top Skyline Inc and Silver Cliff Properties, on December 27, 2007. He continued with Top Skyline Inc till July 26, 2010. There is no record of his resigning from Silver Cliff Properties.

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