Name Ponnapula Prasad | ||
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 prima-facie 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." His latest scam in Miyapur is India’s latest massive scam of Rs 15,000 crores equal to US$2.3bn (US$2,300,000,000). He is being protected by the Chief Minister of the state where the scam took place as the investigation has been stopped.