Wednesday, April 6, 2016
Three Hyderabad based businessmen Moturi Srinivasa Prasad, Jayakumar Bhavanasi and Volam Bhaskar Rao were figured in Panama Papers.
Apart form the offshore entitles, they were also directors of a UK based company and dozens of companies floated in India mostly in Hyderabad. Entrepreneur Moturi Srinivasa Prasad who is currently the secretary of Jubilee Hills International Centre, Geologist turned businessmen Jaya Kumar Bhavanasi and legal correspondent turned businessman Volam Bhaskar Rao are directors of several offshore entities that figure in Panama Papers.
Moturi Srinivasa Prasad was director of four offshore companies named in the Panama Papers is facing a trial in an unrelated fraud case pertaining to the Visakhapatnam Special Economic Zone to the tune of Rs.119 crore. He was arrested on April 2, 2012 and is on bail. He is the Managing Director of Xtraa Cleancities Limited, a unit of VSEZ which allegedly resorted to cheating in export of biodiesel. A case under Section 420 of IPC was registered against him on April 2 and the case is under trial and is posted to April 29, 2016. It may be noted here that VSEZ had slapped a fine of Rs.66.30 crore on him along with a personal penalty of Rs.3.8 crore on the company’s director for alleged violation of foreign trade rules.
Meanwhile, the directors have denied their involvement in the issues. They said there are no illegal transactions and not even one rupee has gone out of the country. There is no tax evasion or any other irregularities.