Emaar-APIIC Scam: Bail To Koneru Prasad
The CBI had alleged that Koneru, chairman of the Trimex Group, and one of the marketing agents for Emaar, had sold villas at higher prices, causing huge losses to the state's exchequer.
Hyderabad | 2nd August 2012
The High Court, on Thursday, granted conditional bail to Trimex chairman Koneru Rajendra Prasad, in the Emaar Properties scam.
While sanctioning bail to Koneru Prasad, the court directed him to furnish a surety bond of Rs. 5 lakh. The court also asked Koneru Prasad not to leave the state without informing the probing agency.
Koneru Prasad has been lodged in the Chanchalguda jail for 9 months.
Earlier, the CBI special court dismissed his bail petition, following an objection raised by the CBI that Prasad's release would affect the investigations.
It may be mentioned here that the CBI had registered a case against Emmar-MGF and others in August last year, about the alleged irregularities in the APIIC - Emaar Properties land deal, alleging that favours were granted to it by the state government's officials in the execution of a posh real estate project at Gachibowli.
According to the CBI, Koneru, chairman of the Trimex Group and promoter of Stylish Homes Real Estate Private Limited, and one of the marketing agents for Emaar, had sold villas at higher prices causing huge losses to the state's exchequer. The CBI alleged that Koneru had exclusive knowledge on the use of funds and the transfer of excess money in the deals. (INN)
filed in: Emaar Properties, APIIC, Scams, Koneru Prasad, Andhra Pradesh High Court, CBI