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CBI court denied bail in APIIC-Emaar township project case

Emaar-MGFThe bail appeal for the accused persons in the APIIC-Emaar township project case was denied by the special CBI Court.

According to CBI, the promoters of the Stylish Holmes Real Estate Private Ltd had allegedly collected money to the tune of several crore towards plots developed by Emaar MGF in the controversial township project from buyers.

This unfair activity has grossly undervalued the market price of the projects in Hyderabad which is causing a huge financial loss to the joint venture company in which the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) holds 26 per cent equity.

The investigating agency further said that Stylish Holmes, which was incorporated by Tummala Ranga Rao at the behest of Prasad collected the excess money from buyers and handed them over to Koneru and Sunil Reddy, the acquses persons in the case.

The central agency had earlier alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs 43.5 crore from the Integrated Township Project in Hyderabad, which it developed jointly with Emaar Group.

To read more real estate stories:

Declining Cost of apartments in Hyderabad

Boulder Hill project construction will remain on Hold

Source: Economic Times

One Response to “CBI court denied bail in APIIC-Emaar township project case”

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