Bahamas Leaks expose Nimmagadda Prasad

nimmagaddaA fresh expose on what is being termed as ‘Bahamas Leaks’ has listed 475 India including Industrialist Nimmagadda Prasad, 54, widely known as ‘Matrix’ Prasad.

According to English daily , Nimmagadda started pharmaceutical company Herren Drugs in 2000, renamed it Matrix Pharmaceuticals and made a huge profits in 2006 by selling his stake to Mylan Laboratories, US.

In January 2008, Prasad floated Matrix Enport Holdings Pvt Ltd which entered into an agreement with RAK Investment Authority to implement the Vanpic project.

RAK Investment Authority has been floated by one of the seven cities of UAE, Ras al-Khaimah govt, which initially partnered the Government of Andhra Pradesh to develop Vadaru and Nizampatnam ports and the industrial corridor. He entered the media business by investing in MAA TV, a Telugu channel, but sold his stake in 2015 to STAR TV for a huge profit.

Prakash Nimmagadda is Prasad’s younger brother. At least 28 firms floated by the brothers have a single address: Sairam Towers, Alexander Road, Secunderabad.

Prakash Nimmagadda quit most of the Bahamas companies, except Top Skyline Inc and Silver Cliff Properties, on December 27, 2007. He continued with Top Skyline Inc till July 26, 2010.