By IANS,
Hyderabad : YSR Congress party president Y.S. Jaganmohan Reddy’s aide and party spokesperson Ambati Rambabu Sunday appeared before the Central Bureau of Investigation (CBI) in connection with the Emaar-APIIC township scam.Rambabu, who was chairman of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) from 2005 to 2007, appeared before CBI officials at Dilkusha guest house.
The CBI has summoned him under section 160 of the Criminal Procedure Code to record his statement.
Rambabu has claimed that he has no role in the decisions to decrease the share of APIIC in the project and to include Emaar MGF in the joint venture.
The investigating agency had arrested businessman Koneru Prasad in the case in November last year. It is the only arrest made so far in the case, registered in August last year on the direction of the high court.
Dubai-based real estate firm Emaar Properties and its Indian associates were booked by CBI for cheating APIIC in the township project.
APIIC, which allotted 535 acres of prime land for the project at Gachibowli in Hyderabad, had an equity of 26 percent equity in the 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 state agency.
There are also allegations that Koneru Prasad’s stylish Homes Real Estate Limited, the marketing agent of EHTP, siphoned off huge money by selling the villas and plots in the project.
According to the CBI, Prasad showed the price of villas and plots as Rs.5,000 per square yard on paper but sold them for much higher sums.
The CBI has named then managing director of APIIC, B. P. Acharya, Emaar Properties, EHTP, Emaar MGF and Stylish Homes and unnamed public servants as the accused in the case.
Meanwhile, CBI questioned another Jaganmohan Reddy aide Vijay Sai Reddy for the fourth day Sunday in the case involving Jagan’s illegal case.
Vijay Sai Reddy, the vice-president of Jagati Publications Private Limited (JPPL), owned by Jagan, was arrested Monday. The next day, he was sent to judicial custody till Jan 17.
The special CBI court on Jan 4 had remanded him to judicial custody for five days.