CBI to file additional chargesheet in Emaar case (Lead, Superseding earlier story)April 9th, 2012 - 6:52 pm ICT by IANS
Hyderabad, April 9 (IANS) The Central Bureau of Investigation (CBI) will file an additional chargesheet in the Emaar township scam, focusing on the role of the accused who were not covered in the first chargesheet.
Sunil Reddy, said to be an aide of YSR Congress party leader Y.S. Jaganmohan Reddy and Emaar MGF finance head (south) G.V. Vijaya Raghav are likely to figure in the supplementary chargesheet.
After the investigating agency gave indications towards this effect, Sunil Reddy Monday withdrew his bail petition in Andhra Pradesh High Court. His counsel informed the court that a fresh bail petition would be moved after the CBI files a supplementary chargesheet.
The federal agency also submitted to the high court details of the bank transactions made by Sunil Reddy. The CBI counsel, B. Ravindranath informed the court that Rs.63 crore received from the sale of villas in the township were invested into Sunil Reddy’s firm, South End Projects.
Meanwhile, the CBI is set to intensify its probe, focusing not only on the role of Sunil Reddy and Vijay Raghav but also on Emaar MGF Land Ltd Managing Director Shravan Gupta and other accused in the alleged “criminal conspiracy”.
After informing the high court last week that it would complete the probe in the case by April-end, the investigating agency is now looking into the role of Shravan Gupta, Mohamed Ali Alabbar, chairman, Emaar Properties PJSC, Dubai, and businessman Koneru Madhu.
The three accused did not appear before the trial court along with others on March 31 as the summons could not be served on them. They are likely to be issued fresh summons.
The CBI has also come under criticism for allegedly showing discrimination towards some of the accused.
The high court while hearing the bail petition of Koneru Prasad, one of the accused, last month asked CBI why it failed to issue red corner notice against Gupta, even though he was shown as an absconder in the case.
The CBI chargesheet filed in February said Emaar MGF Land Ltd under then CEO of Emaar MGF Land Ltd, Srikant Joshi and Managing Director Shravan Gupta did not fix the price of the plots as per the prevailing market rate.
According to chargesheet, 10 different companies (7 at New Delhi and three at Ernakulam) were created at the instruction of Gupta to block 18 plots in their names with an intention of selling them at a premium at a later date.
“The funds for incorporating/ acquiring these companies were transferred from the account of M/s Discovery Estates Pvt. Ltd., in which Shri Shravan Gupta and his wife are having 99 percent shares,” said the chargesheet.
The CBI, which took up investigations last year on the direction of the high court, alleged that the accused in collusion with some Indian Administrative (IAS) officers, conspired to hijack the joint venture project with Andhra Pradesh Infrastructure Investment Corporation (APIIC).
The scam relates to the sale of villa plots in 2010 at literally throwaway prices of Rs.5,000 a sq yard against the prevailing market price of Rs.50,000 a sq yard.
Emaar Hills Township Pvt Ltd (EHTPL), the SPV formed to execute the project, without the knowledge of APIIC transferred the development rights of the project to its sister company Emaar - MGF. The CBI argues that the share of APIIC was brought down from 26 percent to 6.5 percent, causing losses to state exchequer.
The other accused in the case are - senior IAS officers B.P. Acharya, L.V. Subrahmanyam, retired IAS officer K.V. Rao and T. Ranga Rao.
- CBI to file supplementary chargesheet in Emaar case - Apr 09, 2012
- Supplementary charges filed in Andhra township case - Apr 23, 2012
- Andhra home secretary arrested in Emaar case (Second Lead) - Jan 30, 2012
- High court cancels IAS officer's bail in Emaar case - Mar 27, 2012
- Court issues summons to Andhra bureaucrat - Jun 02, 2012
- CBI charge sheets two IAS officers, 10 others in Emaar scam (Lead) - Feb 02, 2012
- Court rejects Jagan aide's plea for laptop in jail (Lead) - Feb 15, 2012
- CBI arrests Emaar Township executive - Jan 28, 2012
- Emaar case: Jagan aide appears before CBI - Jan 08, 2012
- Accused in Emaar case asked to appear before CBI - Feb 29, 2012
- Andhra home secretary arrested in Emaar case (Lead) - Jan 30, 2012
- CBI charge sheets two IAS officers, 10 others in Emaar scam - Feb 01, 2012
- IAS officer Subrahmanyam gets bail in Emaar case - Jun 18, 2012
- Bail to IAS officer in Emaar case - Mar 16, 2012
- Jagan's relative sent to jail in Emaar township case - Jan 25, 2012
Tags: absconder, bank transactions, cbi, central bureau of investigation, congress party, criminal conspiracy, crore, emaar mgf, emaar properties, gupta, investigating agency, koneru, land ltd, mohamed ali alabbar, party leader, raghav, summons, trial court, vijaya, ysr