Ras-Al-Khaimah (RAK) govt moves Telangana HC: Accuses Nimmagadda Prasad of fresh 2,500 crore fraud; despite ongoing legal cases
The dispute pertains to an earlier partnership between RAKIA and the Andhra Pradesh govt, which had invited RAKIA to invest in the development of the Vanpic Port and Industrial Corridor. RAKIA alleged that after teaming up with Prasad, it became a victim of large-scale misappropriation and cheating through companies linked to him.
According to RAKIA, Prasad acquired large tracts of land, including govt-assigned lands, under the pretext of investment.
These transactions were probed by the CBI and the Enforcement Directorate, both of which filed detailed chargesheets outlining the alleged wrongdoing. Criminal proceedings related to these investigations are still pending in India.
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In the high court, RAKIA argued that it has once again become a victim of concealment and deceit, claiming that companies involved in fundraising activities worth ₹2,500 crore were using Prasad's name while denying his formal association.
Prasad and the companies, however, have denied any wrongdoing, asserting that he is not connected with any of the companies in question. The matter was extensively argued before Justice K Lakshman, who has now reserved judgment.
RAKIA had also filed a civil suit in the UAE and obtained a judgment worth over ₹600 crore against Prasad. It then sought to enforce the foreign decree in the Commercial Court in Hyderabad. However, the execution failed after Prasad claimed before the court that he had insufficient assets to satisfy the decree.
RAKIA has now alleged that Prasad continues to control multiple companies indirectly, and has parked assets in them to avoid enforcement. When RAKIA learned that some of these companies were planning to transfer or dissipate assets, it rushed to the Commercial Court to restrain such actions. One such company, IQuest, reportedly gave an undertaking not to proceed with any transaction.
Despite this, RAKIA informed the court that Prasad allegedly breached this undertaking by proceeding with transactions, including the buyback of a company previously sold to Mylan. RAKIA has now filed a contempt petition against Prasad, stating that his actions amount to wilful disobedience of court's order.
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