APIIC-Emaar case: Industrialist gets bail after 9 months
MDT/PTI 02 August 2012

According to CBI K Rajendra Prasad and others allegedly collected several crores of rupees towards plots developed by Emaar MGF in the controversial township project from buyers, after grossly undervaluing the market price  


Hyderabad: Andhra Pradesh High Court on Thursday granted bail to industrialist Koneru Rajendra Prasad, an accused in the APIIC-Emaar township project case, after being behind bars for the last nine months, reports PTI.
 
The High Court directed Prasad to deposit personal bond of Rs5 lakh towards execution of the bail and asked him to surrender his passport and not to leave Andhra Pradesh.
 
Prasad, who was the first person to be arrested by the Central Bureay of Investigation (CBI) on 3rd November last year in connection with the alleged irregularities in the APIIC-Emaar project deal, is presently under judicial custody and lodged at the Chanchalguda Central Prison.
 
A CBI court had earlier denied bail to Prasad atleast on five occasions since his arrest.
 
According to CBI, K Rajendra Prasad, chairman of Trimex group and also a promoter of the Stylish Holmes Real Estate Private Ltd, allegedly collected money to the tune of several crores towards plots developed by Emaar MGF in the controversial township project from buyers, after grossly undervaluing the market price.
 
This caused a huge financial loss to the joint venture company in which the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) holds 26% equity.
 
CBI, in its chargesheet filed on 1st February against suspended IAS officer BP Acharya (then CMD of APIIC) and others comprising individuals and private companies, had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli.
 
The central agency had earlier alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs43.5 crore from the Integrated Township project it developed jointly with Emaar Group, even as Emaar Properties and Emaar MGF obtained pecuniary gain of about Rs167 crore.
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