APIIC-Emaar case: Industrialist Koneru Rajendra Prasad gets bail after 9 months

HYDERABAD: Andhra Pradesh High Court today granted bail to industrialist Koneru Rajendra Prasad, an accused in the APIIC-Emaar township project case, after being behind bars for the last nine months.

The High Court directed Prasad to deposit personal bond of Rs five lakh towards execution of the bail and asked him to surrender his passport and not to leave Andhra Pradesh.

Prasad, who was the first person to be arrested by CBI on November 3 last in connection with the alleged irregularities in the APIIC-Emaar project deal, is presently under judicial custody and lodged at the Chanchalguda Central Prison here.

A CBI court had earlier denied bail to Prasad atleast on five occasions since his arrest.

According to CBI, Koneru, chairman of Trimex group and also a promoter of the Stylish Holmes Real Estate Private Ltd, allegedly collected money to the tune of several crores towards plots developed by Emaar MGF in the controversial township project from buyers, after grossly undervaluing the market price.

This caused a huge financial loss to the joint venture company in which the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) holds 26 per cent equity.

CBI, in its chargesheet filed on February 1 against suspended IAS officer B P Acharya (then CMD of APIIC) and others comprising individuals and private companies, had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli here.

The central agency had earlier alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs 43.5 crore from the Integrated Township project it developed jointly with Emaar Group, even as Emaar Properties and Emaar MGF obtained pecuniary gain of about Rs 167 crore.