» B P Acharya AP Home Secretary Arrested In Emaar Scam
B P Acharya Arrested
B P Acharya is accused of having facilitated the partnership between APIIC and Emaar Properties and diluting APIIC's stake in the partnership from 26% to 6%.
Former chairman of the AP Industrial Infrastructure Corporation (APIIC) B P Acharya, was arrested by the Central Bureau of Investigation on Monday, in the Emaar-APIIC scam.
Ironically, Acharya, who is currently the Andhra Pradesh Principal Secretary (Home), was also recently given charge of Jails.
B P Acharya was taken into custody after he came to the Dilkusha Guest House, having been summoned by the CBI. He was questioned, and then taken to the Nampally court.
B P Acharya is accused of having facilitated the partnership between APIIC and Emaar Properties and diluting APIIC's stake in the partnership from 49% to 26%, thus casuing a heavy loss to the state's exchequer.
Plots worth Rs. 60,000 per square yeard were allegedly being sold for Rs. 5,000, in the Emaar Township.
Acharya has been arrested under sections 120 B, 420, 409 and 477 A of the Indian Penal Code, and under 13/2 and 13/1/C of the Prevention Of Corruption Act.
B P Acharya was the first accused in the Emaar scam, and is the 4th person to be arrested in the case.
The CBI had earlier arrested Emaar CEO Vijaya Raghavan, Koneru Prasad of Stylish Homes, and Sunil Reddy, a close aide of YSR Congress party president Jagan Mohan Reddy, in the Emaar scam. (INN)
filed in:APIIC, Emaar Properties, CBI, B P Acharya