CBI arrests Emaar Township executiveJanuary 28th, 2012 - 9:17 pm ICT by IANS
Hyderabad, Jan 28 (IANS) Stepping up its probe into the Emaar-APIIC township case, the Central Bureau of Investigation (CBI) Saturday arrested a top executive of Emaar Hill Township Private Limited (EHTPL).
G.G.V. Vijay Raghav, chief financial officer, EHTPL, was produced before a court, which sent him to judicial custody till Jan 30. He was shifted to Chanchalguda Central Jail
As the judge of the special CBI court was on leave, the accused, who is also the Emaar MGF’s finance head for south, was produced in the economic offences court. The judge directed the CBI to produce him in the regular court on Monday.
The CBI petition, seeking custody of the accused for 15 days, would also come up for hearing the same day.
The CBI officials said Vijay Raghav has been arrested for cheating, criminal conspiracy, criminal breach of trust and falsification of accounts.
The investigating agency suspect the CFO did not maintain the records of sales of villas in the township. The villas were sold at much higher rate than the one shown on paper.
A statement issued on behalf of EHTPL said one of its associates was called for enquiry. “He has been remanded to judicial custody till Monday. As always EHTPL continues to cooperate with the investigating agency,” said the statement.
EHTPL is the joint venture between Dubai-based realty major Emaar Properties and Andhra Pradesh Industrial Infrastructure Corporation (APIIC) for building a township at Gachibowli in Hyderabad.
Emaar and its Indian associates are facing the allegations of bringing down APIIC’s stake in the project in collusion with some public servants, causing huge losses to the government agency.
Vijay Raghav is the third accused to be arrested in the case. His arrest came close on the heels of the arrest of Sunil Reddy, an aide of YSR Congress party chief Y.S. Jaganmohan Reddy.
Sunil Reddy, who was arrested on Jan 24, was Saturday grilled by the CBI with regard to the money allegedly siphoned off by Stylish Homes, the marketing agent of EHTPL. He allegedly received Rs.70 crore out of Rs.138 crore siphoned off in the project.
Koneru Prasad of Stylish Homes was the first accused arrested in the case.
Following directions of the state high court in August last year, the CBI had booked Emaar Properties and its Indian associates for cheating APIIC in the township project.
APPIC, which allotted 535 prime land for the project at Gachibowli, had an equity of 26 percent equity in EHTPL. However, Emaar and its Indian associates allegedly diluted the equity of APIIC to six percent, causing huge losses to the public exchequer.
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Tags: apiic, breach of trust, cbi court, cbi officials, central bureau of investigation, central jail, collusion, congress party, criminal breach of trust, criminal conspiracy, economic offences, emaar mgf, emaar properties, falsification, industrial infrastructure, investigating agency, judicial custody, party chief, public servants, ysr