Thaindian News

Hyderabad, Jan 24 (IANS) The Central Bureau of Investigation (CBI) Tuesday arrested Sunil Reddy, a relative of YSR Congress party chief Y.S. Jaganmohan Reddy, in the Emaar case.

After day-long investigations, the investigating agency Tuesday night announced his arrest. CBI Joint Director V.V. Lakshminarayana told reporters that he would be produced in the court Wednesday.

The CBI officials said they have arrested Sunil Reddy, a businessman, under sections 120 B (criminal conspiracy), 406 (criminal breach of trust), 420 (cheating) and 477 (fraudulent cancellation, destruction etc) of the Indian Penal Code.

The CBI officials informed his family that he was arrested at 6.50 pm.

Earlier reports had said CBI questioned Sunil Reddy in the case involving alleged illegal assets of Jaganmohan Reddy, son of late chief minister Y. S. Rajasekhara Reddy.

This is the second arrest made in the Emaar case which registered in August last year on the direction of the high court.

The CBI had booked Dubai-based real estate firm Emaar Properties and its Indian associates for cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in the township project.

The APPIC, which allotted 535 prime land for the project at Gachibowli in Hyderabad, had an equity of 26 percent equity in Emaar Hills Township Project (EHTP), floated to execute the joint venture. However, Emaar and its Indian associates allegedly diluted the equity of APIIC to six percent, causing huge losses to the state agency.

Businessman Koneru Prasad was arrested in November last year in the case.