Koneru introduced Emaar to government: CBI

HYDERABAD: The Central Bureau of Investigation, which is probing the Emaar properties-APIIC scam, says in its charge sheet that Koneru Prasad, the key accused in the case, was the person who introduced the Dubai-based company to the state government to promote and develop an integrated project consisting of an international convention centre, a star hotel, a golf course and residential villas. And, he misappropriated a sum of `96,01,75,000, it alleges.A part of the scheme was to develop 285 acres of land and to have various sizes of plots for villas, town homes and apartments with a land use plan to provide the residents a maximum view of the golf course.On February 1 the investigation agency filed the charge sheet against seven accused persons and five private companies before the special judge for CBI cases.The voluminous charge sheet includes the names of senior IAS officer LV Subrahmanyam, who is now TTD executive officer, besides arrested IAS officer BP Acharya and a retired IAS officer Vishveshwara Rao.The name of Madhu Koneru, son of industrialist Koneru Prasad (already arrested), has also been included.According to the charge sheet, Koneru Prasad was the person behind the project and he was instrumental in the memorandum of understandings and other agreements being signed and government orders issued pursuant thereto.Stylish Homes Pvt Ltd was Prasad’s brain child and was instrumental in entering into an agency agreement with Special Purpose Vehicle (SPV-I) and Emaar Town Hills Private Limited, a joint venture company.Its director Tummala Ranga Rao acted at the behest of Prasad and sold the villas over and above the documented price of `5,000 a square yard and collected a sum of `138 crore which was not accounted for.“The money so collected was disbursed as per the instructions of Prasad herein clandestinely to have a wrongful gain and to cause wrongful loss to the APIIC.’’ The CBI alleges that Koneru Prasad misappropriated a sum of `96 crore and committed criminal breach of trust and misappropriation of public funds.