Hyderabad: The Central Bureau of Investigation (CBI) will file an additional chargesheet in the Emaar township scam, focusing on the role of the accused who were not covered in the first chargesheet.
Sunil Reddy, said to be an aide of YSR Congress party leader YS Jaganmohan Reddy and Emaar MGF finance head (south) GV Vijaya Raghav are likely to figure in the supplementary chargesheet.
After the investigating agency gave indications towards this effect, Sunil Reddy on Monday withdrew his bail petition in Andhra Pradesh High Court. His counsel informed the court that a fresh bail petition would be moved after the CBI files a supplementary chargesheet.
The federal agency also submitted to the high court details of the bank transactions made by Sunil Reddy. The CBI counsel, B. Ravindranath informed the court that Rs.63 crore received from the sale of villas in the township were invested into Sunil Reddy's firm, South End Projects.
Meanwhile, the CBI is set to intensify its probe, focusing not only on the role of Sunil Reddy and Vijay Raghav but also on Emaar MGF Land Ltd Managing Director Shravan Gupta and other accused in the alleged "criminal conspiracy".
After informing the high court last week that it would complete the probe in the case by April-end, the investigating agency is now looking into the role of Shravan Gupta, Mohamed Ali Alabbar, chairman, Emaar Properties PJSC, Dubai, and businessman Koneru Madhu.
The three accused did not appear before the trial court along with others on March 31. The federal agency is now likely to issue red corner notices.
The CBI has also come under criticism for allegedly showing discrimination towards some of the accused.
The high court while hearing the bail petition of Koneru Prasad, one of the accused, last month asked CBI why it failed to issue red corner notice against Gupta, even though he was shown as an absconder in the case.
The CBI chargesheet filed in February said Emaar MGF Land Ltd under then CEO of Emaar MGF Land Ltd, Srikant Joshi and Managing Director Shravan Gupta did not fix the price of the plots as per the prevailing market rate.
According to chargesheet, 10 different companies (7 at New Delhi and 3 at Ernakulam) were created at the instruction of Gupta to block 18 plots in their names with an intention of selling them at a premium, at a later date.
"The funds for incorporating/ acquiring these companies were transferred from the account of M/s Discovery Estates Pvt. Ltd., in which Shri Shravan Gupta and his wife are having 99 percent shares," said the chargesheet.
The CBI, which took up investigations last year on the direction of the high court, alleged that the accused in collusion with some Indian Administrative (IAS) officers, conspired to hijack the joint venture project with Andhra Pradesh Infrastructure Investment Corporation (APIIC).
The scam relates to the sale of villa plots in 2010 at literally throwaway prices of Rs 5,000 a sq yard against the prevailing market price of Rs 50,000 a sq yard.
Emaar Hills Township Pvt Ltd (EHTPL), the SPV formed to execute the project, without the knowledge of APIIC transferred the development rights of the project to its sister company Emaar - MGF. The CBI argues that the share of APIIC was brought down from 26 percent to 6.5 percent, causing losses to state exchequer.
The accused in the case are - senior IAS officers BP Acharya, LV Subrahmanyam, retired IAS officer KV Rao and T Ranga Rao.