Who is Gold stone Prasad?

[Cyclist]

Who is Goldstone Prasad?

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Ponnapula Sanjeeva Prasad (P. S. Prasad) is an Indian-born businessman. His relatives and business partners are associated with the 1991 collapse of the Bank of Credit and Commerce International (BCCI). In the years prior to BCCI's collapse, he was the owner of Keystone Financial Corporation and P. S. Investments, as well as an investment partner of Bert Lance and Ghaith Pharaon. He stood guarantee for largest borrower of BCCI, at the time of its collapse, with some $30 million in outstanding loans. Prasad has left the U.S. shortly after BCCI's meltdown; since that time very little information about his whereabouts has been published in the English-language media. The New York Times reported in the July 9, 1993 edition that the Manhattan District Attorney had indicted him as co-accused, and the outstanding warrant for his trail has never been satisfied as there was no primafacie evidence submitted by the United States to Govt of India. Efforts by the cousin of P.S.Prasad, with whom he had some business disputes, to obtain a copy under the Right to Information Act of the plaint (sic) filed by the Embassy of the United States of America before the courts in New Delhi, who passed an order in this case in 2002, were also unsuccessful. Satyendra Mishra, Chief Information Commissioner dismissed Rao’s request and directed him to go to the concerned court to obtain a copy. The attorney representing P.S.Prasad has stated that "lot of land grabbers who have failed all legal remedies available to them have resorted to bring these unconnected that too decades old issues to silence him so that, they can continue to occupy illegally by maligning his reputation, and he is taking required legal steps including defamation suits against these people. He has also requested people to give information on the persons who are indulging in these unethical activities".

 

Prasad now lives in Hyderabad, India and runs the software company "Goldstone Engineering".The ongoing investigation into the Miyapur land scam points at the involvement of some very influential persons. Ponnapula Sanjeeva Prasad, the businessman from Hyderabad who was involved in major investment scams in the United States of America in the 1980s, is suspected to be the man behind the scam.

 

Mr Prasad and his men have got their hands on not just the 693 acres of government land in Miyapur, but they have also allegedly managed to grab acres of Assigned Lands located in other parts of the city, official sources from Cyberabad say.

 

P.S. Prasad, known as “Goldstone Prasad” is the elder brother of P.S. Parthasarathi, director of Trinity Infra ventures Ltd, who was arrested by the Cyberabad police on Sunday in connection with the land scam. Mr Prasad’s wife Indrani Prasad is also a director of Trinity Infra ventures.

 

“This is just the tip of the iceberg. The investigation is leading to an extremely intricate case of a highly organised land scam probably orchestrated by Prasad himself. He is not yet in the forefront, but we are trying to get evidence against him. Once we get proof, we can initiate action against him,” said an official from the Commissionerate.

 

Cops say suspect is well-connected

Sources say it won’t be easy for local police to get to Prasad, who is well connected to national political leaders.

 

Police officials say they are still collecting more evidence against the arrested trio, P.S. Parthasarathi, the Kukatpally sub-registrar Rachakonda Srinivas Rao and Goldstone director P.V.S. Sharma.

 

“We are trying to build a strong case against the arrested suspects. The documentary evidences and details of fraudulent transactions have been collected. We have also sought the custody of the trio so that they do not get bail easily,” said Madhapur DCP Vishwa Prasad.

 

Sources reveal that some senior political leaders from Telangana who are close to Prasad, are also involved in the scam.

 

So the local police might hit a roadblock.