Jagan’s aide sent to CBI custody in Emaar caseJanuary 27th, 2012 - 7:19 pm ICT by IANS
Hyderabad, Jan 27 (IANS) A city court Friday remanded Sunil Reddy, an aide of YSR Congress party president Y.S. Jaganmohan Reddy, to Central Bureau of Investigation (CBI) custody for questioning regarding alleged misappropriation of money in the Emaar township case.
The special court dealing with the CBI cases allowed two-day custody though the investigating agency had sought 15 days.
The federal agency was directed to take custody of the accused Saturday and present him in court on Monday.
Sunil Reddy, a distant relative of Jaganmohan Reddy, was arrested by CBI on Jan 24. The following day he was sent to judicial custody till Feb 1.
The CBI counsel told the court that Sunil Reddy received the money siphoned off in the sales of villas at Emaar-APIIC township. He said only by questioning the accused, the CBI can know the identity of the persons whom he transferred the money.
Sunil Reddy is a businessman and is believed to be a key person in running the affairs of Jaganmohan Reddy’s companies.
The CBI has already told the court that Sunil Reddy along with another accused Koneru Prasad hatched a criminal conspiracy. Prasad, chairman of Trimex Group, is already in judicial custody.
He had floated Stylish Home, which acted as marketing agent in the township project and siphoned off money.
Meanwhile, Koneru Prasad’s son Koneru Madhu Friday appeared before CBI.
Madhu, a Dubai-based industrialist, is being questioned about the money collected from buyers of villas in the project.
The federal agency arrested Sunil Reddy on the basis of a statement made by Stylish Homes director T. Ranga Rao, who has turned an approver in the case.
Ranga Rao allegedly revealed that Sunil Reddy received Rs.70 crore out of Rs.138 crore siphoned in the case by cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC), a state government agency.
Following directions of the state high court in August last year, the CBI had booked Dubai-based real estate firm Emaar Properties and its Indian associates for cheating APIIC in the township project.
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 public exchequer.
Stylish Homes had acted as marketing agent of EHTP and Koneru Prasad allegedly siphoned off huge money by selling the villas and plots at much higher rates than shown on the paper.
- Jagan's relative sent to jail in Emaar township case - Jan 25, 2012
- Emaar case: Jagan aide appears before CBI - Jan 08, 2012
- Andhra home secretary arrested in Emaar case (Second Lead) - Jan 30, 2012
- CBI arrests Emaar Township executive - Jan 28, 2012
- Industrialist sent to CBI custody in Emaar scam - Nov 04, 2011
- Andhra home secretary arrested in Emaar case (Lead) - Jan 30, 2012
- CBI arrests Jagan's relative in Emaar case (Lead) - Jan 25, 2012
- CBI charge sheets two IAS officers, 10 others in Emaar scam (Lead) - Feb 02, 2012
- CBI summons Congress MP for questioning in Emaar case - Jan 15, 2012
- Court denies bail to accused in Emaar case - Dec 12, 2011
- CBI charge sheets two IAS officers, 10 others in Emaar scam - Feb 01, 2012
- Supplementary charges filed in Andhra township case - Apr 23, 2012
- IAS officer Subrahmanyam gets bail in Emaar case - Jun 18, 2012
- CBI to file supplementary chargesheet in Emaar case - Apr 09, 2012
- CBI to file additional chargesheet in Emaar case (Lead, Superseding earlier story) - Apr 09, 2012
Tags: approver, businessman, cbi, central bureau of investigation, congress party president, criminal conspiracy, crore, industrial infrastructure, industrialist, investigating agency, jagan, jan 24, judicial custody, koneru, madhu, misappropriation, ranga rao, state government agency, stylish homes, ysr