Panama Papers List-3: Three Hyderabad Businessmen in the list

Bhaskar Rao 
Offshore entities: Nandan Technologies, associated firms; Others Rao wass MD of Nandan Technologies and six associated companies. He was also co-owner of Sika Securities Ltd, a promoter of Nandan Cleantec Limited (alternate name Nandan Biomatrix Limited), and served as MD of Nandan Cleantec Limited from April 2008. He now leads a semi-retired life, and spends a lot of time in the UK. 


RESPONSE: He asked his son, Volam Sandeep, to answer on his behalf. His son said Moturi Srinivas Prasad had taken over the companies and Bhaskar Rao has since retired. “The offshore companies were set up in anticipation of doing business four years ago. But they actually became cost centres because we had to spend a lot on getting clearances and maintaining those companies…” He said the companies “are not totally closed but they are also not active”. On declaring these offshore entities to the authorities, he said, “We followed the due procedures… we followed the rules and regulations.” 

Moturi Srinivas Prasad 

Offshore entities: Four Location: BVI MF records list Prasad, a prominent Hyderabad businessman, as a director in at least four offshore companies registered in the BVI in 2011. Two other local businesmen, Volam Bhaskar Rao and Bhavanasi Jaya Kumar, are listed as directors/shareholders in these firms: Yes De Ventures SA, Sika Securities Ltd, Bhasu Capitals Ltd and Bee Pee Investments Corp. 

Prasad is executive chairman and managing director of Nandan Cleantec and a co-owner of Sika Securities Ltd. He is credited with setting up one of Asia’s largest biofuel processing facilities, and is associated with over a dozen other companies. He was arrested on April 2, 2012 for alleged irregularities in the export of bio-diesel, and is on bail. 

RESPONSE: Prasad said: “These were ‘1-dollar’ companies that were started in the hope we may do some business but we did not do much. They were opened some time in 2005-06, I think. All companies are inactive now. There is no investment in them. We did not operate these companies so there was no question of declaring anything. As for the procedures and regulations, it was Volam Bhaskar Rao who was handling all that.”

Bhavanasi Jaya Kumar 
Offshore entities: Nandan Technologies Ltd, Yes de Ventures SA, Grandbay Canal Ltd, Others Location: BVI Hyderabad-based businessman Bhavanasi Jaya Kumar figures in the MF records as a director of some of these companies along with Srinivas Prasad and Volam Bhaskar Rao. Nandan Technologies Ltd, the records show, was opened in the BVI in 2008, and Grandbay Canal Ltd in 2015. Jaya Kumar was director of six companies associated with Nandan Technologies. 

RESPONSE: Jaya Kumar said: “I have nothing to do with offshore companies like Nandan Technologies Ltd, Yes de Ventures SA or Grandbay Canal Ltd. Volam Bhaskar Rao was the managing director who handled everything. I am not aware of any offshore accounts. 

The original company Nandan Technologies was closed down in 2014.” On Lotus Integrated Solutions and Lucid Info, two other companies that figure in the MF list, Jaya Kumar first denied knowledge. When told that the address of both companies is his flat, No. 204 in Meenakshi Royal Court Apartments, he said they were his wife’s companies. He denied being associated with Sika Securities or Bee Pee Investments. READ | Panama Papers: Dawood-link shadow, Iqbal Mirchi family took offshore route  On the legality of the firms, he said: “I do not know what is the status now, it has been five years. But we took all necessary permissions. I have no knowledge about declarations to tax authorities.”