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Koneru Prasad remanded in CBI custody till Nov 10

Last Updated: Friday, November 4, 2011 - 21:34

Hyderabad: Industrialist and chief mentor of
Trimex Group, Koneru Prasad, arrested in connection with the
alleged irregularities in the APIIC-Emaar Properties land deal
was on Friday remanded in CBI custody till November 10 by a local

Prasad, who is also the promoter of Stylish Homes Real
Estate Pvt Ltd and a director of the Emaar Hill Township Pvt
Ltd, was arrested by CBI last evening on charges of criminal
conspiracy and cheating among others in connection with a
"scam" relating to sale of villas/plots by Emaar Hills
Township Project at Gachibowli

The CBI today produced Prasad before the Special Court
for Economic Offences here and sought 15-day custodial
interrogation, though the court gave the remand for seven

The court also directed the agency to question Prasad
between 10 am and 8 pm during the custody period in
the presence of an advocate and produce him before it on
November 10.

Stylish Homes Real Estate Pvt Ltd which was one of the
marketing agents for Emaar is accused of unofficially selling
villas and plots at very high rates.

Terming Prasad as a key person in the probe into Emaar
case and instrumental in the APIIC-Emaar land deal, CBI Joint
Director (Hyderabad Zone) V V Lakshmi Narayana earlier said,

"Koneru Prasad knows lot of details in this case and his
thorough interrogation is important."

Prasad allegedly had a role on dilution of APIIC`s
equity and also Emaar roping in its group company Emaar MGF
Land Pvt Ltd as a co-developer for the township which in turn
resulted in reduction of stake and loss to Andhra Pradesh
Industrial Infrastructure Corporation (APIIC).

On August 10, the High Court ordered a CBI inquiry into
the land allotments made to Emaar by the then YSR Reddy
Government and dilution of the stake of APIIC in the joint
venture with Emaar for the development of a integrated
township, golf course and convention centre at Gachibowli

The CBI in its FIR on August 17 alleged that APIIC`s
former CMD and currently the Principal Secretary (Home) B P
Acharya, directors of Emaar Properties, directors of Emaar
Hill Township Private Limited (EHTPL), Emaar MGF Land Private
Ltd, Stylish Homes Pvt Ltd and unknown public servants and
"unknown others" entered into a "criminal conspiracy" to cheat
APIIC which in turn resulted in wrongful gain to Emaar.


First Published: Friday, November 4, 2011 - 21:34
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