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    CBI makes first arrest in Emaar township scam

    By Indo Asian News Service | IANS India Private Limited – Thu 3 Nov, 2011

    Hyderabad, Nov 3 (IANS) The Central Bureau of Investigation Thursday arrested industrialist Koneru Prasad in the Emaar-APIIC township project scam.

    CBI Joint Director V.V. Lakshminrayana told reporters Thursday night that Prasad was arrested on charges of cheating and criminal conspiracy.

    Prasad, who was arrested soon after he was questioned again by CBI officials, would be produced before a court Friday.

    This was the first arrest made by CBI since registering the case against Dubai-based real estate firm Emaar and its Indian associates for cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in the township project.

    The CBI official said Stylish Homes promoted by Prasad showed on paper the price of plots developed by Emaar MGF in the township as Rs.5,000 per square yard but sold it for higher price, thus cheating and causing huge losses to APIIC.

    The CBI had registered the case on Aug 17 on the direction of Andhra Pradesh High Court.

    The court passed the orders on a petition filed by state textiles minister Shankar Rao, who alleged that Emaar brought down the equity of APIIC in the joint venture.

    The state nodal agency, which allotted the prime land for the project at Gachibowli, had an equity of 26 percent in the joint venture.

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    10 comments

    • Divakara
      Divakara  •  6 months ago
      Nice to see the CBI, Criminal and Bandit protection agency making news! They are experts in doing dramas, issuing varied types of press statements and spending tax payers' monies on protecting Congress rapists, looters, criminals and anti-nationals? No important Congress leader has been punished since 47.
      • chandra s
        chandra s 6 months ago
        Divakara,are you nuts? This action of CBI is to harass YSR's son because he did not fall in line with Sonia madam's Congress.Is ge surrenders,then all will be forgotten and the case will go the way of Bofors.
      • Krishna
        Krishna 6 months ago
        No sir. Sonia is the biggest mafia boss and bandit India has ever seen. Most of us can see the dramas. British raj was better than Italian raj.
    • manohar
      manohar  •  6 months ago
      better late than never. great job done by CBI. how long mr. lakshmi narayans spl. mutton biryani of our great jagan is cooking. it may get spoiled and not palatable if cooked more. quickly serve news by putting him sri krishna janmasthanam. recover all ill gotten wealth and put it back in our poor govt. coffers.
    • dayal
      dayal  •  6 months ago
      In EMAR's Dubai, UAE, they do not punish 51 % local Emirati partner but harass the expats for no or slight problem. Here In India they only harass local Indian partner, but do not even care to punish or ask questions from the main company Emaar's bosses.
    • satya
      satya  •  6 months ago
      Welcome sign from c b i do not yield for pressures search in puttaparthi also we will get lot money the political leaders
      kept there.
    • satya
      satya  •  6 months ago
      Welcome note from c b i they should not dilute any on going issues
      in the country, and they should not come under any pressure of leaders . They should dig total earned illegal money should be
      recovered.and it should be used for welfare causes. One more important thing c b i should also concentrate at puttaparthi because
      most of the un accounted and illegal money was kept there.
    • Patriot
      Patriot  •  6 months ago
      Hang him!
      • Divakara
        Divakara 6 months ago
        Not many Congress politician and their chamchas will be left. Our population problem will be solved in the easiest manner!
    • Abraham
      Abraham  •  6 months ago
      Immediate arrest of BP Acharya, filing cases against allottees by Income Tax Dept for collection of penalty for paying amount in black, bringing KVP Ramachandra Rao who was instrumental in bringing EMMAR to housing project is also required. Good job by JD Lakshminarayana. What about Jagan's case?? May be after filing chargesheet on Gali, Jagan may be arrested???!!! Sooner the criminals are behind bars, it is better for common man to believe that JUSTICE is being done.
    • hari
      hari  •  6 months ago
      congratz CBI. keep head up always to save the nation.
    • Heman
      Heman  •  6 months ago
      Good move by CBI,
      But the fact is most of the real estate companies are funded by our great politicians. Does CBI has any solution, when they cheat buyers sell the flats at exorbitant prices?
    • True
      True  •  6 months ago
      Screw these thiefs. Firstly, they acquire land in the name of development at throw away rates with the help of corrupt rulers. Secondly, they inflate the market price by astronomical amounts and cash in by trapping innocent buyers. Thirdly, they show less value on paper and evade tax.

      These people are parasites munching on the money of unsuspecting buyers.
      They have ruined lands in and around Hyderabad. They illegally took over wakf lands and grabbed land from the poor farmers at throw away govt rates. They resorted to wayward development in and around hyderabad. These projects are never completed resulting in endless agony for the buyers. Satyam's Maytas Hill County, Lanco's Lanco hills and now Emaar's Boulder hills are such classic examples. when will people learn? when will they kick these opportunists from this land? It is important to note that all these scamsters are from one particular region of AP.
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