The unofficial and clandestine entry of EmaarMGF and Stylish Homes into the deal with a fraudulent motive to cheat the state exchequer and to enrich his private entities in an undue way is believed to be the main charge that was slapped against Koneru Prasad.While plots at Emaar township and the golf course were sold at more than Rs 50,000 per square yard,Prasad played a key role in diverting the money unofficially into his own accounts and only Rs 5,000 was shown as the sale price of the plots.This was the crux of the scam and the man behind the scam is Prasad,it was said.
Earlier,the CBI had slapped an FIR against Prasads Stylish Homes and also named B P Acharya,former MD of APIIC,as accused number one because it was during his stint that the stake of APIIC reduced to a nominal 6%.
The CBI also questioned all the villa owners and obtained statements from them about the actual price they paid for the plots and villas.In fact,some of the witnesses gave picturesque accounts of how Prasad was trying to mislead the officials till the end in the whole episode.
Prasad who came into prominence during the regime of Chandrababu Naidu,continued his bull run during the time of Y S Rajasekhara Reddy bringing in other projects with investors from the Gulf to the state.Some of them are now being looked at by the investigating agencies.
According to the CBI,Prasad made a personal gain of Rs 150 crore by selling the villas and plots of Emaar township.The CBI plans to seek his custody after he is produced in court on Friday.
Prasad represented Emaar Properties of Dubai when it entered into an agreement with AP Industrial Infrastructure Corporation (APIIC) for developing a 550-acre land into a township and a golf course.He was also a director in the board of Emaar Hills township Pvt Ltd (EHTPL),the joint venture company that was floated by APIIC and Emaar after they entered into an MoU.APIIC was supposed to get 26 % stake from the returns made by the deal but due to irregularities,the corporation has not been able to earn a single paisa is what the CBI is supposed to have found out.Moreover,APIICs stake fell to 6% from the original 26%.
On the other hand,private players like Koneru and their unofficial firms like Stylish Homes allegedly made hundreds of crores of rupees through selling the public assets that were allotted to them as per the MoU at a high cost and not disclosing the same to APIIC.
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