Court Rejects Koneru's Bail Plea
Koneru Prasad, who is accused in the APIIC - Emaar township project case, petitioned for bail a second time, and it was denied.
Hyderabad | 12th January 2012
A CBI Special Court, on Thursday, rejected Koneru Rajendra Prasad's petition for release on bail. The Special Court also extended his remand custody to 25 January.
The defense counsel sought Koneru's bail stating health ailments and claiming that he hails from a good family.
The court, which had last month dismissed his first bail application, after hearing arguments of both the sides, reserved its orders till 12 January and finally rejected the plea.
The CBI evoked its citation of IPC Section 409 (criminal breach of trust by a public servant) against Koneru's second bail plea, which also mandates his detention in judicial custody for 90 days.
Koneru Prasad was the chairman of the Trimex group, and also a promoter of the Stylish Homes Real Estate Private Limited. He was accused in the APIIC-Emaar township project case, and was arrested by the CBI on 3 November.
Moreover, the CBI says that Koneru received an estimated Rs. 138 crore, from buyers, for the plots developed by Emaar MGF in the controversial township project.
He then grossly undervalued the market price, which caused a huge financial loss to the joint venture company APIIC. (INN)
filed in: Koneru Prasad, APIIC, Corruption, Hyderabad Real Estate, Emaar Properties