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Time of India
3 days ago
- Business
- Time of India
Ras-Al-Khaimah (RAK) govt moves Telangana HC: Accuses Nimmagadda Prasad of fresh 2,500 crore fraud; despite ongoing legal cases
HYDERABAD: The govt of Ras-Al-Khaimah (RAK), an emirate of the United Arab Emirates, has approached the Telangana high court alleging that businessman Nimmagadda Prasad has once again committed fraud against its investment arm, the Ras-Al-Khaimah Investment Authority (RAKIA), despite ongoing legal proceedings. 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. You Can Also Check: Hyderabad AQI | Weather in Hyderabad | Bank Holidays in Hyderabad | Public Holidays in Hyderabad 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. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
Khaleej Times
4 days ago
- Business
- Khaleej Times
Vaayu Group demonstrates operational excellence in live animal transport
In an unprecedented logistics achievement, Fly Vaayu and Pradhaan Air successfully operated 100 livestock charter flights in just 50 days — from May 1 to June 20 — transporting over 80,000 goats from Nashik, India, to Ras Al Khaimah, in collaboration with Ras Al Khaimah International Airport (RAKIA), Nashik Airports and Amigo Logistics. This complex logistical feat highlights the exceptional coordination between the two airports, the airlines, and logistics experts. From flight planning to final touchdown, every step was handled with precision and care, in an effort that brought together flight crews, ground teams, operations controllers, and support staff across various companies and countries, working as a single, synchronised unit. "RAK Airport is poised for tremendous growth — in both passenger and cargo operations," said Manish Seth, chief executive officer of Ras Al Khaimah International Airport. "The successful transportation of livestock highlights our ability to handle complex logistics with efficiency and care. This achievement would not have been possible without the excellent cooperation and support from the Department of Customs and the Ministry of Climate Change and Environment. We are truly grateful for the seamless coordination among all the entities involved." He added: 'While we continue to focus on enhancing our passenger services and improving global connectivity, we also see strong potential in expanding cargo operations to support the Emirate's growing economic activity. Ras Al Khaimah International Airport is strategically located and stands ready to embrace new opportunities. We remain committed to investing in our infrastructure and services to meet the evolving needs of our customers.' This campaign marks a significant milestone not only for RAK Airport, but also for India's air cargo sector. It showcases the operational viability and safety of livestock air transportation on a large scale. The operation was conducted with minimal mortality, setting a new standard in air cargo for live animal transport. Sheikh Engr. Salem Bin Sultan Al Qasimi, chairman, Department of Civil Aviation, Ras Al Khaimah, expressed his pride in this milestone achievement, stating: 'This successful execution of over 100 livestock charter flights in just 50 days is a testament to Ras Al Khaimah's growing capability as a strategic cargo hub. It reflects the strength of our infrastructure, the professionalism of our partners, and the Emirate's commitment to supporting specialized logistics operations that serve international markets with efficiency and care.' 'This gives us the confidence to undertake more of these operations in the future,' said Vijay Arumbakkam, CEO of Vaayu Group. Fly Vaayu and Pradhaan Air operated a combined fleet of three A320P2Fs (passenger-to-freighter conversions) on this route. Fly Vaayu, part of the UAE-based Vaayu Group and UAE's first dedicated freight carrier, flies two A320P2Fs, while Pradhaan Air, headquartered in New Delhi, operates the world's first A320P2F aircraft. The A320P2F freighters offer a compelling value proposition for freight forwarders and shippers, providing 100% more pallet space, greater payload capacity, enhanced fuel efficiency, and containerized volume compared to other aircraft in their class. Vaayu Group plans to position Ras Al Khaimah as a regional cargo hub, offering capacity to freight forwarders, importers, exporters, e-commerce players, charter operators, and last-mile providers on routes to Asia, Africa, Europe, and the Middle East. A key factor behind the success of this initiative was Amigo Logistics' expertise and extensive track record in transporting live animals. The company is CEIV certified and adheres to international standards for the humane handling and transportation of animals. 'Amigo is proud to be the first company in Asia to receive CEIV certification for live animal transport,' said S. Sajid, Chairman and Managing Director of Amigo Logistics India Pvt. Ltd. 'We are honored to have played a crucial role in this milestone and are optimistic about what we can achieve together in the future.'
