Ownership of plots simply transferred by registering agreements for sale

The Central Bureau of Investigation (CBI) has said that there are no registered sale deeds for 133 out of 136 villa plots sold in the scam hit Emaar Hills township project at Nanakramguda here.

The ownership of title to 133 plots were simply transferred by registering the agreements for sale. The sale deeds were executed only in the case of three plots as model villas were constructed on them, the CBI informed a court here on Monday during arguments on the bail petition of suspended IAS officer B.P. Acharya. The order on the petition was reserved for Thursday.

More plots come up

The public prosecutor of CBI Balla Ravindranath said the master plan for the township envisaged 125 plots, but the number went up to 136 when the development was taken up. He said that 38 buyers had confirmed payment of sale consideration in cash.

The developer Emaar MGF Land earned Rs. 73 crore from sale of plots and Rs. 21 crore from villas.

When the judge, B. Nagamaruti Sarma, asked if there was any documentary evidence to back the transactions of sale, the investigating officer of CBI in the case S.C. Jiani said there was none, except bank statements in some cases showing withdrawal of amounts and payment to Emaar MGF Land in the same quantum and on the same day.

Mr. Ravindranath said Mr. Acharya, then Vice-Chairman and Managing Director of AP Industrial Infrastructure Corporation (APIIC), knew that the agreements were made only for development of plots and villas. They were not to be sold. He, however, did not take any steps when Emaar Hills Township Project Limited sold 102 plots through a marketing agent Stylish Homes whose induction was not permitted.

Meena named witnessed

It was only after Mr. Acharya was replaced by B.R. Meena in 2010 that the government came to know about the shady dealings and initiated action to cancel the agreements and leases. Mr. Meena was named as a witness at number 16 in the charge sheet, the public prosecutor said.

The defence counsel V. Surendar Rao denied that the State government had contemplated cancellation of the agreements and leases. A lone notice issued by government to cancel the agency agreement with Stylish Homes was stayed by the High Court.

He said Mr. Acharya was arrested with a mala fide intention to keep him in jail two days before filing of the charge sheet.