Emaar case: Order on Koneru`s bail plea reserved

Koneru Rajendra Prasad is an accused in the APIIC-Emaar township project case.

Hyderabad: A special CBI court on Monday reserved, till January 12, its order on the bail petition of industrialist Koneru Rajendra Prasad, an accused in the
APIIC-Emaar township project case.

The CBI strongly opposed Koneru`s second bail plea on the ground that the IPC section 409 (criminal breach of trust by public servant) was applied against him, which mandated his detention in judicial custody for 90 days.
The CBI counsel further alleged that Koneru had
received money to the tune of Rs 138 crore towards the plots
developed by Emaar MGF in the controversial township project
from buyers, after grossly undervaluing the market price,
causing a huge financial loss to the joint venture company, in
which, the Andhra Pradesh Industrial Infrastructure
Corporation (APIIC) holds equity.

Koneru, chairman of Trimex group and also a promoter
of the Stylish Homes Real Estate Private Limited, who is said
to have been instrumental in finalising the deal between APIIC
and Emaar, was arrested by CBI on November 3 last year, and is
presently under judicial custody and lodged at the Chachalguda
Central Prison here.

The defence counsel, however contended that section
409 of IPC was not applicable to his client and sought to
know, why only his client has been arrested, even though the
CBI FIR names several others.

The defence also sought Koneru`s bail on the health
grounds, saying during the recent health-screening conducted
by the jail authorities, it was found that he was suffering
from `ailments`.

The court, which had last month dismissed his first
bail application, after hearing arguments of both the sides,
reserved its orders till January 12 today.

The AP High Court had, on August 10 last year, ordered
a CBI inquiry into the land allotments made to Emaar during
the YS 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 had registered a case in the alleged
irregularities in APIIC-Emaar Properties land deal in August
last year against Emmar?MGF, its sister concern and others on
allegations that favours were granted to it by the state
government officials in the execution of a posh real estate
project at Manikonda here.


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