ED to Attach Rs 96 Crore Asset In the APIIC-Emaar Land Probe
The ED has charged Koneru Rajendra Prasad, ex-director of Emaar Hills Townships Private Ltd (EHTPL), N Sunil Reddy, ex-director of Southend Project and Foundations and N Sunil Reddy, ex-director of Southend Project and Foundations based on the CBI charge sheet and attached properties worth 96.01 crore and all bank accounts.
Land Mafia has taken a new twist in the form of collecting excess amount from clients on sale of property and not accounting it to The Directorate of Enforcement (ED).In the recent case booked on the three real estate tycoons for overcharging from the buyers on selling high profile Emaar land, the buyers illustrate surprising expression as they wouldn’t have expected such unethical behavior from reputed builders. The excess amount collected was neither accounted in company financial statement and nor disclosed to APIIC, the Andhra Pradesh Industrial Infrastructure Corporation, Hyderabad. The Hyderabad zonal office booked an Enforcement case and started case investigation under “the Prevention of Money Laundering Act”
During the process of investigation the higher officials have given statement to the CBI that situation for charges occurred while selling high profile villa plots. The total unaccounted money collected from rich clients is Rs 96.01 crore. The responsible officials even stated that, buyers were ready to pay the cost and never took chance for any kind of negotiation.
This is the response from higher officials and people towards a case dealing to resolve the issue related to a very big money counting in crores. Such pulses are encouraging the big builders to carry on their illegal activities in their real estate business.
The investigation against Emaar, Prasad, Rao and Reddy is in process and CBI is putting its best to dig out the hidden matter. Future investigations may disclose some more case related information and clues that may be helpful to reach the depth of the case. Though people ignored to negotiate on property price at the time of buying property, today they are hopeful on ED to get back their hard earn money paid out of deal. Many buyers even stated that they were lured of world class construction and ready to have possession at any cost.
Article Source: The Indian Express
Andhra Pradesh Industrial Infrastructure Corporation, APIIC, Directorate of Enforcement, Emaar Hills Townships Private Ltd, Koneru Rajendra Prasad, Land Mafia, Prevention of Money Laundering Act
