HYDERABAD: The Telangana High Court dismissed the quash petition filed by Vasantha Krishna Prasad, promoter and director of Vasantha Projects, who is accused in one of the quid pro quo cases filed against Y.S. Jagan Mohan Reddy.
While rejecting the petition, Chief Justice Ujjal Bhuyan observed that prosecution must go on. After careful evaluation of all factors, it was found to be not a suitable case for quashing the chargesheet, the Chief Justice said..
Prasad is the son of former minister Vasantha Nageswara Rao and is a fifty per cent share holder in Vasantha Projects Private Limited. The company was awarded a housing project by the then Andhra Pradesh Housing Board on 4.23 acres of land at Gachibowli in Hyderabad. during the tenure of Chief Minister Y.S. Rajashekar Reddy .
As part of quid pro quo cases, the CBI registered a case listing Prasad as Accused No, 7, stating that he was promoter and managing director of the company and an active partner in the criminal conspiracy. The CBI charged him with inducing the APHB to enter into a development agreement with Vasantha Projects on February 2, 2005, by making a false representation that the company was an special purpose vehicle (SPV) and constituted all the members of Embassy Unity Consortium.
The CBI said Prasad was one of the end-beneficiaries of the Gachibowli housing project worth Rs 25.42 crore, “which was dishonestly and fraudulently disposed of by I. Syam Prasad Reddy and Indu Projects Limited in gross violation of allotment conditions,” the CBI stated.
Prasad allotted three villas to himself and others to his relatives and close associates at the Gachibowli housing project in violation of the conditions, the CBI stated. He dishonestly and fraudulently misappropriated the property entrusted to him through development agreement/power of attorney executed by the APHB in favour of Vasantha Projects.
The CBI charged him with criminal conspiracy, cheating, cheating by impersonation and criminal breach of trust. The CBI court had rejected Prasad’s plea to discharge him from the case. Thereafter, he approached High Court.
