This Article is From Apr 24, 2012

Supplementary charges filed in Emaar township case

Supplementary charges filed in Emaar township case
Hyderabad: The Central Bureau of Investigation (CBI) on Monday filed an additional set of formal charges in the Emaar- APIIC (Andhra Pradesh Industrial Infrastructure Corporation) township case in a court.

Businessman Sunil Reddy, said to be an aide of YSR Congress party leader YS Jaganmohan Reddy, and Emaar MGF finance head (south) GV Vijaya Raghav have been named in the 90-page charge sheet filed in the CBI special court.

The CBI had arrested Sunil Reddy on January 24 and Vijaya Raghava four days later. They were not named in the charge sheet filed against the 12 accused on February 1.

Counsel for Mr Sunil Reddy and Mr Vijaya Raghava, filed pleas seeking copies of the supplementary charge sheet.

The CBI had earlier told the court that Rs 63 crore received from the sale of villas in the township were invested in Mr Sunil Reddy's firm, South End Projects.

The federal agency filed the first charge sheet against the 12 accused, including two Indian Administrative Service (IAS) officers. Of them, the suspended IAS officer BP Acharya and businessman Koneru Prasad are in judicial custody.

The CBI, which took up the investigations last year on the direction of the Andhra Pradesh High Court, alleged that the accused in collusion with some public servants conspired to hijack the joint venture project with the APIIC.

The accused had sold the villas in the township at prices much higher than the ones shown on paper, causing huge losses to the APIIC.

Emaar Hills Township Private Limited (EHTPL), the company formed to execute the project, transferred the development rights of the project to its sister company Emaar-MGF, without the knowledge of the APIIC.

The CBI stated that the share of APIIC was brought down from 26 per cent to 6.5 per cent, causing losses to the state exchequer.