Prasad’s fam­ily named in FIR

Prasad sold Cyrus In­vest­ments lands for sev­eral hun­dred crores

Deccan Chronicle - - FRONT PAGE - K.K. ADBUL RAHOOF

The Crime In­ves­ti­ga­tion Depart­ment will take over the in­ves­ti­ga­tions into the Miya­pur land scam on the or­ders of the Te­lan­gana state Govern­ment. Busi­ness­man P.S. Prasad’s wife In­drani Prasad and his daugh­ter Mahitha Cad­del have been named in the FIR.

The com­plic­ity of more govern­ment of­fi­cials has come to light and police on Tues­day reg­is­tered cases against Balana­gar sub-reg­is­trar Mo­hammed Yousuf and Med­chal sub-reg­is­trar Ramesh Chan­dra Reddy. The scam was orig­i­nally re­gard­ing 693 acres of govern­ment land illegally trans­ferred to pri­vate firms.

■ In­drani Prasad, wife of P.S. Prasad, is direc­tor in seven com­pa­nies.

■ Mahitha Cad­del, daugh­ter of P.S. Prasad, is direc­tor in three com­pa­nies in­clud­ing Gold­stone, and in­di­vid­ual part­ner in an­other com­pany.

■ All the com­pa­nies are owned by Prasad him­self .

■ Syed Rafi­ud­din, a Civil En­gi­neer in Gold­stone is also a co-ac­cused in the scam.

Busi­ness­man P.S. Prasad, the man be­hind the `587-crore Miya­pur land grab is no stranger to shady land deals. And, he does not shirk from tak­ing on much big­ger fish once his eyes fall on prop­er­ties worth crores of ru­pees.

Since the last two years, Prasad has been in­volved in a le­gal bat­tle with Cyrus In­vest­ments Pvt. Ltd., a firm owned by the fam­ily of former Tata Sons chair­man Cyrus P. Mistry, over lands worth thou­sands of crores. Cyrus In­vest­ments has ac­cused Prasad of mis­us­ing the power of at­tor­ney it had vested in him, forg­ing doc­u­ments and sell­ing off lands be­long­ing to it.

Ac­cord­ing to of­fi­cial sources, Cyrus In­vest­ments, a com­pany in­cor­po­rated in 1923, had bought lands lo­cated in Hafeezpur and Hash­mat­pet from the heirs of the Nizam of Hy­der­abad, Nawab Mir Us­man Ali Khan, in 1967. When sev­eral ben­e­fi­cia­ries of the Nizam’s land largesse – known as Paigah fam­i­lies — started fil­ing le­gal suits over the lands, Cyrus In­vest­ments ap­pointed P.S. Prasad as its at­tor­ney in 2004 to iden­tify the lands and build­ings it owned and secure its rights to those.

“Prasad al­legedly mis­used the power of at­tor­ney. He sold parts of the lands for sev­eral hun­dred crores. A probe by Cyrus In­vest­ments found out that Prasad had sold at least one prop­erty to mul­ti­ple par­ties”, said a Hy­der­abad police source.

On March 19, Cyrus In­vest­ments had served Prasad a notice ac­cus­ing him of dam­ag­ing the firm’s rep­u­ta­tion by in­dulging in un­law­ful ac­tiv­i­ties and mak­ing un­just gains. “The com­pany stated that he was also in­dulging in forgery of doc­u­ments. Later, the com­pany is­sued a pub­lic notice stat­ing that it had re­voked the power of at­tor­ney is­sued in favour of Prasad. This had led to panic among investors who had paid him money for these prop­er­ties,” an­other of­fi­cial said.

Prasad then moved the court and ob­tained a stay on the pre­vi­ous or­der. His lawyers told the court that re­vok­ing his power of at­tor­ney would cre­ate con­fu­sion in the minds of investors. They also claimed that Prasad had tried hard to safe­guard Cyrus In­vestm-ents’ prop­er­ties as an at­tor­ney. The le­gal bat­tle be­tween Cyrus In­vest­ments and Prasad is still on in court, but out­side of it, Prasad has been a busy man, as the Miya­pur land scam shows.

Prasad sold parts of the lands for sev­eral hun­dred crores. A probe by Cyrus In­vest­ments found out that Prasad had sold at least one prop­erty to mul­ti­ple par­ties

— POLICE OF­FI­CER, Hy­der­abad

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