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.
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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.
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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.