Emaar scam worth Rs 215 Crores: CBI

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Follow us:WhatsappFacebookTwitterTelegram.cls-1{fill:#4d4d4d;}.cls-2{fill:#fff;}Google NewsThe Emaar scam is worth Rs 215 crore and the end beneficiaries are the accused in the scam - N Sunil Reddy, Koneru Rajendra Prasad and Emaar MGF Land Limited - the CBI has informed the court. The CBI on Saturday filed the third chargesheet in the Emaar scam before the special court for CBI cases."This is hopefully the last chargesheet in the case," an official added.The investigation agency did not add any new persons as accused in the fresh chargesheet but had removed the name of Tummala Ranga Rao, the director of Stylish Homes Real Estates Private Limited, as he turned approver in the case.Ranga Rao, a close aide of businessman Koneru Rajendra Prasad, is a key witness in the case.The chargesheet dealt with issues related to acquisition of land and the end beneficiaries of the scam.The CBI said in the chargesheet that a part of the land earmarked by the APIIC for the Emaar township was not acquired owing to pressure from the then powersthat- be."The land belonged to film actor G Krishna," officials said. The CBI also said nearly 2.50 acre, acquired for the project, had been occupied by people having political background. The CBI would write to the government to take back the occupied land but the issue of registering criminal cases against the occupiers was the state government's call.The total Emaar scam was worth Rs 215 crore, including APIIC's Rs 43 crore loss and the more than Rs 167 crore gained by the accused.The CBI found that the end beneficiaries are N Sunil Reddy, Koneru Rajendra Prasad and Emaar MGF Land Limited, whose managing director is Shravan Gupta. Most of the money went into the account of Sunil Reddy, the CBI said. The chargesheet also spelled the role played by IAS officers BP Acharya (the main accused in the case) and LV Subramanyam in the entire scam. Among the other accused in the case are Koneru Madhu, retired bureaucrat K Visweswara Rao, Emaar Properties PJSC Dubai represented by its chairman Mohammed Ali Alabbar and G Venkata Vijaya Raghav, the finance head-south of M/s Emaar MGF Land Limited.first published:September 16, 2012, 09:51 ISTlast updated:September 16, 2012, 09:51 IST
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The Emaar scam is worth Rs 215 crore and the end beneficiaries are the accused in the scam - N Sunil Reddy, Koneru Rajendra Prasad and Emaar MGF Land Limited - the CBI has informed the court. The CBI on Saturday filed the third chargesheet in the Emaar scam before the special court for CBI cases.

"This is hopefully the last chargesheet in the case," an official added.

The investigation agency did not add any new persons as accused in the fresh chargesheet but had removed the name of Tummala Ranga Rao, the director of Stylish Homes Real Estates Private Limited, as he turned approver in the case.

Ranga Rao, a close aide of businessman Koneru Rajendra Prasad, is a key witness in the case.

The chargesheet dealt with issues related to acquisition of land and the end beneficiaries of the scam.

The CBI said in the chargesheet that a part of the land earmarked by the APIIC for the Emaar township was not acquired owing to pressure from the then powersthat- be.

"The land belonged to film actor G Krishna," officials said. The CBI also said nearly 2.50 acre, acquired for the project, had been occupied by people having political background. The CBI would write to the government to take back the occupied land but the issue of registering criminal cases against the occupiers was the state government's call.

The total Emaar scam was worth Rs 215 crore, including APIIC's Rs 43 crore loss and the more than Rs 167 crore gained by the accused.

The CBI found that the end beneficiaries are N Sunil Reddy, Koneru Rajendra Prasad and Emaar MGF Land Limited, whose managing director is Shravan Gupta.

Most of the money went into the account of Sunil Reddy, the CBI said.

The chargesheet also spelled the role played by IAS officers BP Acharya (the main accused in the case) and LV Subramanyam in the entire scam.

Among the other accused in the case are Koneru Madhu, retired bureaucrat K Visweswara Rao, Emaar Properties PJSC Dubai represented by its chairman Mohammed Ali Alabbar and G Venkata Vijaya Raghav, the finance head-south of M/s Emaar MGF Land Limited.