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Updated: February 2, 2012 04:32 IST

Emaar: TTD EO named 'accused'

N. Rahul
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TTD Executive Officer L.V. Subrahmaniam. File photo
The Hindu
TTD Executive Officer L.V. Subrahmaniam. File photo

L.V. Subramanyam, K.V. Rao figure as nine and ten in CBI list of accused

In a new twist to the scandal in Emaar Hills township project at Nanakramguda here, the Central Bureau of Investigation (CBI) has named another senior IAS officer who is currently Executive Officer of Tirumala Tirupati Devasthanam (TTD), L.V. Subramanyam, and another ex-bureaucrat, K.V. Rao, as accused in the charge-sheet submitted to the court on Wednesday.

They figure as nine and ten respectively in the list of accused. Mr. Subramanyam was Vice-chairman and Managing Director of A.P. Industrial Infrastructure Corporation (APIIC) when the project was conceived during Telugu Desam rule and Rao was Principal Secretary, Infrastructure and Investment. The latter took voluntary retirement subsequently.

Sources said the CBI charged Subramanyam with shift of policies and his role in the reduction of annuity payable to APIIC for leasing out 235 acres of land in favour of Boulder Hills Leisure Private Limited (BHLPL) for a golf course. The annuity was fixed at two per cent for the first 33 years of the 66-year lease but the suggestion was to peg it at three per cent for the entire period.

He was also charged with fixing the value of 285 acres of land conveyed by APIIC for the township project at Rs.29 lakh an acre against the suggested Rs.40 lakh an acre.

Ignored suggestion?

He reportedly ignored the suggestion that the market value of land was much higher than Rs.29 lakh.

The accused in serial order are: Principal Home Secretary B.P. Acharya who was arrested on Monday, Dubai-based Emaar Properties PJSC represented by its chairman Mohamed Ali Alabbar, Emaar Hills Township Private Limited, Emaar MGF Land Private Limited, Stylish Homes Real Estate, Trimex group chairman Koneru Prasad, chief executive officer of Emaar MGF Srikant Joshi, BHPL, L.V. Subramanyam, K.V. Rao, Koneru Prasad's son Madhu and Stylish Homes Director T. Ranga Rao who got anticipatory bail.

The surprising omissions were Kadapa MP Y.S. Jaganmohan Reddy's aide, N. Sunil Reddy, and Finance Head-South of Emaar MGF, G. Venkata Vijaya Raghav. Both of them were already arrested and produced on Wednesday in court which extended their remand up to February 15.

Probe not over

Joint Director of CBI V.V. Lakshmi Narayana told reporters that the two were not named as accused because the investigation against them was not over.

He said the papers seeking permission to prosecute the IAS officers were submitted to the government.

The 157-page charge-sheet with over 1,800 annexures running into 50,000 pages was transported to the court in six trunks.

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