CBI makes first arrest in Emaar township scam
November 4th, 2011 - 1:23 am ICT by IANSHyderabad, Nov 3 (IANS) The Central Bureau of Investigation Thursday arrested industrialist Koneru Prasad in the Emaar-APIIC township project scam.
CBI Joint Director V.V. Lakshminrayana told reporters Thursday night that Prasad was arrested on charges of cheating and criminal conspiracy.
Prasad, who was arrested soon after he was questioned again by CBI officials, would be produced before a court Friday.
This was the first arrest made by CBI since registering the case against Dubai-based real estate firm Emaar and its Indian associates for cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in the township project.
The CBI official said Stylish Homes promoted by Prasad showed on paper the price of plots developed by Emaar MGF in the township as Rs.5,000 per square yard but sold it for higher price, thus cheating and causing huge losses to APIIC.
The CBI had registered the case on Aug 17 on the direction of Andhra Pradesh High Court.
The court passed the orders on a petition filed by state textiles minister Shankar Rao, who alleged that Emaar brought down the equity of APIIC in the joint venture.
The state nodal agency, which allotted the prime land for the project at Gachibowli, had an equity of 26 percent in the joint venture.
- Emaar case: Jagan aide appears before CBI - Jan 08, 2012
- Industrialist sent to CBI custody in Emaar scam - Nov 04, 2011
- CBI arrests Jagan's relative in Emaar case (Lead) - Jan 25, 2012
- CBI summons Congress MP for questioning in Emaar case - Jan 15, 2012
- CBI arrests Emaar Township executive - Jan 28, 2012
- Court denies bail to accused in Emaar case - Dec 12, 2011
- Andhra home secretary arrested in Emaar case (Lead) - Jan 30, 2012
- Andhra home secretary arrested in Emaar case (Second Lead) - Jan 30, 2012
- 'Dubai' Prasad's links with Naidu, YSR come under CBI scanner - Nov 04, 2011
- Supplementary charges filed in Andhra township case - Apr 23, 2012
- High court cancels IAS officer's bail in Emaar case - Mar 27, 2012
- Jagan's aide sent to CBI custody in Emaar case - Jan 27, 2012
- Congress MP quizzed by CBI in Emaar case - Jan 16, 2012
- CBI charge sheets two IAS officers, 10 others in Emaar scam - Feb 01, 2012
- Jagan's relative sent to jail in Emaar township case - Jan 25, 2012
Tags: apiic, cbi officials, central bureau of investigation, criminal conspiracy, emaar, industrial infrastructure, industrialist, joint venture, losses, mgf, petition, prasad, prime land, rao, real estate firm, shankar, stylish homes, textiles, thursday night