Court refuses bail to industrialist Nimmagadda Prasad

This is the second time the court has turned down Prasad's plea. It had rejected his earlier bail application on July 30.

CBI, opposing the bail, had said it had yet to carry out more investigation into the controversial Vadarevu and Nizampatnam Port and Industrial Corridor (VANPIC) project, promoted by Prasad.

Prasad contended, among other things, that the accused in the fourth charge sheet filed by CBI had not been arrested, while he was still in jail.

According to CBI, Prasad, as a chairman of Matrix Group, got nearly 24,000 acres of land from Andhra Pradesh government in 2007-08 for VANPIC, in return for investments, allegedly to the tune of Rs 854 crore, made by him in Jagan's businesses, when Y S Rajasekhara Reddy was the Chief Minister.

The central agency, which arrested Prasad on May 15, had earlier contended that various undue concessions were extended to VANPIC.