Sunil Reddy remanded to CBI custody
HYDERABAD: A city court Friday remanded Sunil Reddy, an aide of YSR Congress party president Y.S. Jaganmohan Reddy, to Central Bureau of Investigation (CBI) custody for questioning regarding alleged misappropriation of money in the Emaar township case.
The special court dealing with the CBI cases allowed two-day custody though the investigating agency had sought 15 days.
The federal agency was directed to take custody of the accused Saturday and present him in court on Monday. Sunil Reddy, a distant relative of Jaganmohan Reddy, was arrested by CBI on Jan 24. The following day he was sent to judicial custody till Feb 1.
The CBI counsel told the court that Sunil Reddy received the money siphoned off in the sales of villas at Emaar-APIIC township. He said only by questioning the accused, the CBI can know the identity of the persons whom he transferred the money.
Sunil Reddy is a businessman and is believed to be a key person in running the affairs of Jaganmohan Reddy's companies.
The CBI has already told the court that Sunil Reddy along with another accused Koneru Prasad hatched a criminal conspiracy. Prasad, chairman of Trimex Group, is already in judicial custody.
He had floated Stylish Home, which acted as marketing agent in the township project and siphoned off money.
Meanwhile, Koneru Prasad's son Koneru Madhu Friday appeared before CBI. Madhu, a Dubai-based industrialist, is being questioned about the money collected from buyers of villas in the project.
The federal agency arrested Sunil Reddy on the basis of a statement made by Stylish Homes director T. Ranga Rao, who has turned an approver in the case.
Ranga Rao allegedly revealed that Sunil Reddy received Rs.70 crore out of Rs.138 crore siphoned in the case by cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC), a state government agency.
Following directions of the state high court in August last year, the CBI had booked Dubai-based real estate firm Emaar Properties and its Indian associates for cheating APIIC in the township project.
APPIC, which allotted 535 acres of prime land for the project at Gachibowli in Hyderabad, had an equity of 26 percent equity in Emaar Hills Township Project (EHTP), floated to execute the joint venture.
However, Emaar and its Indian associates allegedly diluted the equity of APIIC to six percent, causing huge losses to the public exchequer.
Stylish Homes had acted as marketing agent of EHTP and Koneru Prasad allegedly siphoned off huge money by selling the villas and plots at much higher rates than shown on the paper.
News Posted: 27 January, 2012
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