The Central Bureau of Investigation (CBI) has told the Principal Special Court for CBI Cases here that Koneru Rajendra Prasad, the sixth-accused in the Emaar Properties land deal scam, was part of the conspiracy to cheat the government and cause financial loss to APIIC from the period even before the land was transferred to SPVs set up for executing the project.
In its counter filed against the petition moved by the accused requesting the court to absolve him of all charges levelled against him by the investigating agency, the CBI argued that the petition was not maintainable since there was enough material and other evidence against his involvement in the conspiracy.
The CBI stated that Stylish Homes Real Estates was floated by T. Ranga Rao at the behest of Koneru Prasad with its registered address being that of the latter’s residence, to sell villas, plots and flats to rates much higher beyond the documented price and divert the excess money to other accused including N. Sunil Reddy and Koneru Madhu, son of Prasad.
The sales agency, Stylish Homes, had started collecting money from the prospective buyers from March 2005 itself while the land was actually conveyed to EHTPL and other SPVs in December 2005, the CBI alleged. Koneru Prasad was also part of the conspiracy in executing GPA on the land to Emaar MGF Land Ltd without the consent of APIIC.
In turn, Rs. 96 crore of excess money collected by the sales agency was handed over to Sunil Reddy on the directions of Koneru Prasad. Similarly, USD 390,000 excess amount was also transferred to the bank accounts of Koneru Madhu by two villa buyers directly, the CBI alleged.
Update: Madhu Koneru acquitted by High Court in Emaar case
