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CBI files supplementary chargesheet in APIIC-Emaar case

Last Updated: Saturday, September 15, 2012 - 19:11

Hyderabad: CBI Saturday filed a supplementary chargesheet in APIIC-Emaar properties deal case in a local court.

"The chargesheet mentioned the end-use of crime proceeds of the deal. Additional witnesses and documents were produced in the supplementary chargesheet filed in the special CBI court here," deputy Legal Advisor to CBI B Ravindranath said.

The CBI, which is investigating the alleged irregularities in transfer and sale of villas and apartments in an upscale township in Hyderabad, had named senior IAS officer B P Acharya, presently under judicial remand in Chanchalguda jail here, and 11 others in its main chargesheet filed on February 1, in a local court.

Acharya was the vice-chairman and managing director of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) during 2005-10 when the alleged irregularities were committed.

The controversy centres around dilution of APIIC`s equity in the project and also Emaar roping in its group company Emaar MGF Land Ltd as a co-developer for the 258-acre integrated township project at Gachibowli here involving construction of residential villas, apartments and a golf course.

A CBI official said on condition of anonymity that the land belonging to an "influential family from the state" was "purposefully excluded" when the lands for the project were being acquired during 2005-10.
"Some of the land which was handed over to APIIC for the project was later encroached upon by some individuals," he said.

The alleged scandal is said to have caused the loss of Rs 215 crore to the state exchequer, the official added.

The developers of Emaar integrated township project are accused of undervaluing the lands that were sold at higher prices to individual buyers causing huge revenue loss.


First Published: Saturday, September 15, 2012 - 19:11
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