After rocking the entire world and shaming at least 500 popular celebrities across the country, the Panama Papers scandal has now hit the Telugu business world. According to the latest reports published by a leading national media house which played a key role in unearthing the scandal, three noted Telugu Industrialists, Hyderabad-based Moturi Srinivas Prasad and Bhavanasi Jaya Kumar and US-based Olas Bhaskar Rao, were found having offshore accounts.
The leaked documents of Mossack Fonseka revealed that Moturi Srinivas Prasad heads 4 offshore entities in British Virgin Islands. He has been working as the Executive Chairman and MD of Nandan Cleantec Limited and also owns SICA Securities. He was earlier arrested in April 2012 for illegal assets in biodiesel case and is now out on bail.
Bhavanasi Jaya Kumar is the Director of Nandan Technologies limited, Yes De Ventures, Grand Bay Canal Limited along with Moturi Srinivas Prasad and Bhaskar Rao. He is also the Director of 6 other companies that are associated with Nandan Technologies.
Bhaskar Rao is the MD of Nandan Technologies and its associated companies. He is also the co-owner of SICA Securities and promoter for Nandan Cleantec Ltd. Bhaskar Rao has been living in Britain ever since his retirement.
Incidentally, all the three Industrialists refuted the allegations and said they had nothing to do with any offshore companies and assets.