Emaar case: Jagan`s aide Ambati appears before CBI

The CBI recorded Rambabu`s statement as he was the chairman of APIIC from 2005 to 2007.

Hyderabad: Former chairman of APIIC and Kadapa
MP Y S Jaganmohan Reddy`s close aide Ambati Rambabu appeared
before the CBI here today in connection with the alleged
irregularities in APIIC-Emaar Properties land deal.

The CBI recorded Rambabu`s statement as he was the
chairman of Andhra Pradesh Industrial Infrastructure
Corporation (APIIC) from 2005 to 2007.

The CBI had registered a case in August last year against
Emmar-MGF, its sister concerns and others on allegations that
favours were granted to it by state government officials in
the execution of a posh real estate project at Manikonda,

The AP High Court had, on August 10 last year, ordered
a CBI inquiry into the land allotments made to Emaar by the
then Y S Rajasekhara Reddy government and dilution of the
stake of APIIC in the joint venture with Emaar for the
development of the township project.

The CBI has already arrested industrialist and Trimex
Group chairman Koneru Rajendra Prasad, who is said to have
been instrumental in finalising a deal between APIIC and

Prasad, who is also the promoter of Stylish Homes Real
Estate Pvt Ltd, is presently under judicial custody and lodged
in the Chanchalguda prison here.

Stylish Homes Real Estate Pvt Ltd, one of the marketing
agents for Emaar, is accused of undervaluing the rates of the
plots and villas for government record, but actually selling
it at higher rates causing loss to the state exchequer.

APIIC had earlier said that the agreement it signed with
Emaar Properties in 2005 was violated when Emaar Hills
Township Pvt Ltd (EHTPL), the special purpose vehicle created
by the developer for execution of the township project, roped
in Emaar MGF without a prior written consent of APIIC.

In its FIR, the CBI had also alleged that B P Acharya,
senior IAS officer and former Chairman and Managing Director
of APIIC entered into a criminal conspiracy with officials of
Emaar Group and unknown public servants to cheat APIIC, to
secure a wrongful gain to Emaar.

Later, while speaking to reporters, Rambabu said he
appeared before the CBI as a witness. He contended that the
Emaar Properties-APIIC deal was struck in 2003, when TDP Chief
N Chandrababu Naidu was the Chief Minister and said the CBI
should factor this in while conducting its probe.


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