A special CBI court on Monday refused to grant bail to Koneru Prasad, chairman of Trimex group and key accused in the AP Industrial Infrastructure Corporation (APIIC)-Emaar land deal case.
The CBI had opposed Koneru's bail stating that he might, upon release, affect the investigation. The CBI argued that he might influence the witnesses and destroy or tamper with the evidence.
On the advancement of these arguments, the special court rejected Koneru’s bail plea.
Earlier, the CBI had interrogated villa buyers about the amount they paid to Emaar Properties for their villas. The CBI also sought out finer details including the mode of payments and other key documents.
During the course of investigation, it was revealed that Prasad had instructed Stylish Homes Real Estate Private Limited director T Ranga Rao to collect around Rs. 138 crore from the villa buyers. This amount is more than the documented price, and is alleged to have resulted in APIIC suffering losses. (INN)