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Emaar case: Order on Prasad's bail plea reserved till Dec 12

Last Updated: Friday, December 9, 2011 - 21:29

Hyderabad: A special CBI court on Friday reserved its order on the bail plea of Koneru Prasad, Chairman of Trimex group and a key accused in the APIIC-Emmar land deal case, to December 12.
Prasad was arrested by the investigating agency last month in connection with the APIIC-Emaar land deal case.      
Opposing the bail application of Koneru Prasad, the CBI counsel argued that he had illegally transferred the excess money that had made from the sale of villas, to the bank account of his son Madhu Koneru, who stays in Dubai.
He also contended that Prasad had played a crucial role in perpetuating the crime.
The CBI counsel informed the court that as many as 36 buyers revealed the details of the transactions, pertaining to the payment of excess money they paid for the villas and same amount was transferred to the bank account of Madhu Koneru.
Though the CBI has issued notices and e-mailed Madhu, asking him to appear before it in connection with the investigation, he has not responded so far, he said.
During the course of investigation, it was revealed that under the instructions of Prasad, Stylish Homes Real Estate Private Limited director T Ranga Rao collected around Rs 138 crore from the villa buyers, which was more than the documented price, causing losses to the AP Industrial Infrastructure Corporation (APIIC).
Urging to reject the bail plea of Prasad, the CBI counsel said,"If the accused was bailed out, the investigation would be affected adversely and the money cannot be traced. He may influence witnesses and destroy evidence."
Earlier, Prasad's counsel pleaded that his client is innocent. "He was only a nominee director of the Emaar Hills Township Private Limited (EHTPL) and he has nothing to do with day-to-day affairs, like collection of money from the buyers of villas," he argued.
After hearing the arguments of prosecution and defence, the judge reserved its orders to December 12.
Meanwhile, the court further extended the judicial custody of V D Rajagopal, former director of AP Mines and Geology Department to December 15.


First Published: Friday, December 9, 2011 - 21:29
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