The CBI special court at Nampally, on Tuesday, adjourned a hearing on the bail petition of Trimex group chairman Koneru Prasad, the key accused in the Emaar- APIIC scam, to 21 May.
The court adjourned the hearing after the CBI filed a counter-petition opposing Koneru Prasad's bail petition.
In its petition, the CBI claimed that giving bail to Koneru Prasad would affect the progress of the case, and that he might tamper with the evidence by threatening witnesses.
Prasad, the promoter of Stylish Homes Real Estate Private Limited, and one of the marketing agents for Emaar, has been accused of selling villas and plots at a premium but recording sale at lower prices in accounts.
Prasad, a key accused in the Emaar case, was instrumental in the APIIC-Emaar land deal. He allegedly had a role in diluting APIIC's equity and roping in its group company Emaar MGF Land Pvt. Ltd. as a co-developer of its township (built at Gachibowli in Hyderabad), a move which resulted in reduction of stake and loss to the APIIC. (INN)