This Article is From Mar 27, 2012

High court cancels IAS officer's bail in Emaar case

High court cancels IAS officer's bail in Emaar case
Hyderabad: The Andhra Pradesh High Court on Tuesday cancelled the bail granted by a special Central Bureau of Investigation (CBI) court to senior Indian Administrative Service (IAS) officer BP Acharya in the Emaar-APIIC township case.

While cancelling the bail granted by the lower court on March 16, the high court directed the top bureaucrat to immediately surrender before the CBI.

The court also dismissed the bail petition of industrialist Koneru Prasad, who is also accused in the case.

The court remarked that it was not proper to release Acharya on bail when the case was still under investigation.

The CBI had challenged the lower court's order in the high court.

The special CBI court had granted bail to the suspended home secretary on the ground that the CBI is yet to receive permission from the central government for prosecuting him.

Acharya, number one accused in the case, was arrested January 30. However, his name did not figure in the charge sheet filed on February 1.

The IAS officer of 1983 batch was vice chairman and managing director of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) when its equity was reduced in a joint venture with Dubai-based real estate major Emaar, causing huge losses to the state exchequer.

Koneru Prasad, businessman Sunil Reddy and Emaar MGF finance head (south) Vijayraghav are currently in jail in the case.