CBI gets custody of two accused in Emaar case

Hyderabad: Andhra Pradesh High Court today granted to CBI custody of G V Vijay Raghav, a top executive of Emaar and Sunil Reddy, an alleged close associate of Kadapa MP Y S Jaganmohan Reddy, both arrested in connection with a controversial township project involving the realty firm.

The Central agency was allowed to take custody of the duo, currently under judicial remand till February 15 and lodged at Chanchalguda central prison here, from tomorrow.

The HC ordered that Raghav, Head of Finance, Emaar MGF (South India), be sent in CBI custody for a period of five days, while Sunil Reddy will be interrogated for three days.

Both will be questioned in presence of their counsels. The agency had moved the High Court after the Special CBI Court refused to grant it custody of Sunil Reddy and Raghav, arrested on January 24 and January 28 respectively.

However, the two have not been named in the CBI chargesheet in the Emaar case filed on February 1.

Meanwhile, Tummala Ranga Rao, Director of Stylish Homes Real Estate, also an accused in the scam, surrendered before the Special Court which had granted him anticipatory bail. He furnished personal bond of Rs 25,000 towards bail.

The case relates to Emaar allegedly roping in its group company Emaar MGF Land as a co-developer for a 285-acre integrated township project which was developed jointly with State-run APIIC at Gachchibowli here. The partnership led to dilution of APIIC`s equity and wrongful gain to Emaar.

According to CBI, industrialist Koneru Prasad, promoter of Stylish Homes Real Estate Pvt Ltd, one of the marketing agents for Emaar, was accused of undervaluing the rates of the plots and villas in government records and causing loss to the state exchequer.

Senior IAS officer B P Acharya, a former Chairman and MD of APIIC, is also one of the accused.