Emaar case: CBI opposes Sunil Reddy’s plea

May 01, 2013 09:14 am | Updated November 17, 2021 04:49 am IST - HYDERABAD:

A file photo of N. Sunil Reddy.

A file photo of N. Sunil Reddy.

The Central Bureau of Investigation has opposed the plea of N. Sunil Reddy, seventh accused in the Emaar Properties land deal case and a relative of Kadapa MP Y.S. Jaganmohan Reddy, to relieve him of all charges levelled by the probe agency since they are wrong and have no ground.

It also opposed the plea of the accused to exempt him from trial in the case.In its counter to the petition filed on behalf of Sunil Reddy in the Principal Special Court for CBI Cases, the investigating agency argued that the role of the accused in the case was clear and there was lot of material that will support the charges against him.

The CBI alleged that sales agencies appointed by Emaar-MGF had sold plots in Emaar Hill County at rates up to Rs. 45,000 per square yard, against Rs. 5,000 per square yard as per their agreement with A.P. Industrial Infrastructure Corporation (APIIC). An amount of Rs. 96 crore was mobilised through sale of 82 plots at ‘premium’ and the amount eventually reached Sunil Reddy through Koneru Rajendra Prasad, another accused in the case.

Besides, Rs. 45.2 crore investments flowed into Sunil Projects & Foundation, which later merged into another firm, in which Sunil Reddy and his father were directors.

The fact of investments of suspicious nature came to light during vigilance raids on the firm and the investigation into the investment and phased withdrawal was still going on.

The CBI appealed to the court not to discharge Sunil Reddy from charges and take up the trial as his role in the financial transactions related to the case was clear.

Interestingly, Sunil Reddy did not apply for bail even after the CBI filed its final charge-sheet in the case in September last year. All other key accused in the case, including B.P. Acharya, Koneru Prasad, G.V. Vijay Raghav were granted bail after the final charge-sheet.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.