This Article is From Feb 04, 2012

CBI gets custody of two accused in Emaar case

CBI gets custody of two accused in Emaar case
Hyderabad: Andhra Pradesh High Court today granted to Central Bureau of Investiagtion the custody of G V Vijay Raghav, a top executive of Emaar and Sunil Reddy, an alleged close associate of Kadapa Member of Paliament Y S Jaganmohan Reddy, both arrested in connection with a controversial township project involving the realty firm.

The central agency was allowed to take custody of the duo, currently under judicial remand till February 15 and lodged at Chanchalguda central prison here, from tomorrow. The High Court ordered that Raghav, Head of Finance, Emaar Motor and General Finance(South India), be sent to Central Bureau of Investigation custody for five days while Sunil Reddy will be interrogated for three days. Both will be questioned in presence of their counsel.

The agency had moved the High Court after the Special Central Bureau of Investigation Court refused to grant it custody of Sunil Reddy and Raghav who were arrested on January 24 and January 28 respectively.

However, the two have not been named in the Central Bureau of Investigation chargesheet in the Emaar case filed on February 1.

Meanwhile, Tummala Ranga Rao, Director of Stylish Homes Real Estate, also an accused in the scam, surrendered before the Special Court which had granted him anticipatory bail. He furnished personal bond of Rs 25,000 towards bail.

The case relates to Emaar allegedly roping in its group company Emaar Motor and General Finance Land as a co-developer for a 285-acre integrated township project which was developed jointly with state-run Andhra Pradesd Industrial Infrastructure Corporation at Gachchibowli here. The partnership led to dilution of Andhra Pradesh Industrial Infrastructure Corporation's equity and wrongful gain to Emaar.

According to Central Bureau of Investigation, industrialist Koneru Prasad, promoter of Stylish Homes Real Estate Private Limited, one of the marketing agents for Emaar, was accused of undervaluing the rates of the plots and villas in government records and causing loss to the state exchequer.

Senior Indian Administrative Officer B P Acharya, a former Chairman and Managing Director of Andhra Pradesh Industrial Infrastucture Corportion, is also one of the accused in the case.