Hyderabad: Hyderabad Businessman Ponnapula Sanjeeva Prasad also known as “Goldstone Prasad”, the mastermind behind the 587 Rs crore Miyapur land scam was earlier involved in the major investment scams in the United States of America in the 1980s, is now currently involved in a legal battle with Cyrus Investments Pvt.Ltd over lands worth of crores of rupees.
Prasad who was earlier given the power of attorney by the Cyrus Investments to secure rights over its purchased lands, buildings, is fighting the legal battle with the company since the last two years.
Cyrus Investments Pvt. Limited is a firm owned by the family of former Tata Sons Chairman Cyrus P. Mistry. The company has accused Prasad of misusing its power of attorney given to him, by illegally selling lands belonging to the company by forging documents.
Cyrus Investments which was established in 1923 bought lands from the heirs of the Nizam of Hyderabad, Nawab Mir Usman Ali Khan, located in Hafeezpur and Hashmatpet in the year 1967. Cyrus Investments appointed P.S. Prasad as its attorney in 2004 to identify its properties and secure its rights to the company, a move the company was forced to take after several beneficiaries known as the ‘Paigah families’ of Nizam’s endowment lands started filing legal suits over these lands, according to the official sources.
Hyderabad Police sources said, “Prasad allegedly misused the power of attorney. He sold parts of the lands for several hundred crores. A probe by Cyrus Investments found out that Prasad had sold at least one property to multiple parties”.
P.S Prasad was served a legal notice by the firm, accusing him of damaging the firm’s reputation by indulging in illegal activities as well making unjust gains on March 19.
Another official said “The company stated that he was also indulging in forgery of documents. Later, the company issued a public notice stating that it had revoked the power of attorney issued in favor of Prasad. This had led to panic among investors who had paid him money for these properties”.
Following the public notice revoking his rights as power of attorney, Prasad approached the court and obtained a stay order on the same. Revoking Prasad’s power of Attorney would create confusion in the minds of investors said his counselors to the court. They also claimed that their client had tried and done all that he could to save the Firm’s properties as an attorney. Though he is facing charges in the court, Prasad seems busy carrying out his illegal business with the recent Miyapur land scam has surfaced, DC reported.