Sreesanth and two of his Rajasthan Royals teammates - Ankeet Chavan and Ajit Chandila - were arrested late on Wednesday and accused of spot-fixing in T20 league matches. The cricketer-trio and 11 bookies have been charged with cheating and criminal conspiracy.
According to police, Chavan on Friday broke down under interrogation and has accepted his role in the spot-fixing scandal. However, Prakash said the confession had "no value".
"They (players) have to confess before the court. Police can say anything, it has no value at all," said Prakash.
"Anyway, Sreesanth is not confessing. Though his name has been involved, there is no issue with Sreesanth. He will fight it out. He is completely cooperating and has explained his innocence," said the lawyer further.
The lawyer also rubbished accusations that Sreesanth used a towel to signal bookies, before the start of an over that he would be giving away runs, saying that a majority of players use towels due to hot weather.
"It's a very casual thing. 90% of the players use towels. The match was played at 4 o'clock, the towel was needed," he said.