JC & co accuse Ambati of Rs 10,000 crore scam - The New Indian Express

JC & co accuse Ambati of Rs 10,000 crore scam

Published: 11th August 2010 03:59 AM

Last Updated: 16th May 2012 02:15 PM

HYDERABAD: FIRING a fresh salvo against the Jagan campers, Congress leaders and former ministers DL Ravindra Reddy and JC Diwakar Reddy on Tuesday accused suspended PCC general secretary Ambati Rambabu, a staunch Jagan loyalist, of resorting to large-scale irregularities during his stint as chairman of the APIIC.

Surprisingly, Ravindra Reddy, who is not exactly known for his fireworks, changed gears this afternoon. “Today, the APIIC does not even have a rupee. When we meet the Chief Minister, we will insist on a CBI inquiry,” he said as Diwakar Reddy, who was seated beside him, nodded in support.

But both refrained from naming Ambati Rambabu. The Jagan loyalist, fully aware that he was being targeted, challenged the duo to meet the Chief Minister and get a CBI inquiry ordered. “If they cannot do it, let them stop making allegations, resign and return to their villages,” Rambabu fumed.

Ravindra Reddy, Diwakar Reddy and MLA Veera Siva Reddy, speaking to mediapersons, demanded that a probe be ordered to unearth how 545 acres at Nanakramguda in Hyderabad had been handed on a platter to EMAAR Properties in a phased manner by diluting the APIIC’s stake in the joint venture from 49 per cent in 2002 to zero by 2007 (in the new company that EMAAR had floated with MGF).

The APIIC had contributed the land as equity for a project proposed to be executed by EMAAR Properties.“But as time went by, EMAAR violated the agreements with full knowledge of the APIIC. Now a major portion of the land has luxurious villas and hotels but the APIIC is not getting anything in return. It is a Rs 10,000 crore scam,” the trio alleged.

After Ravindra Reddy and Diwakar Reddy washed the dirty linen in public, the APIIC board met and decided to make EMAAR cough up arrears it owes to the APIIC. It has decided to submit a report to the state government to allow it to proceed against EMAAR for violating the agreements.

According to APIIC sources, EMAAR had, without the knowledge of the APIIC, entered into an agreement with another company MGF (Dubai-based) for development of villas in 248 acres of the 545 acres allotted to it in 2002. In the new joint venture, APIIC has no stake which is a violation of the original agreement. EMAAR had represented to the APIIC that it did not pay APIIC for its stake since the venture was not making profits. Earlier, Ambati Rambabu, in his defence, said Diwakar Reddy and Ravindra Reddy were trying to curry favour with the Chief Minister in the fond hope of securing a Cabinet berth. “I challenge them. Let them go to the Chief Minister and get the CBI inquiry ordered within the next 15 days,” he said.

He wanted to know why Chief Minister K Rosaiah, who was the finance minister in the cabinet of the late YS Rajasekhara Reddy, had kept quiet if irregularities did indeed take place. “Why did Botsa Satyanarayana and J Geetha Reddy, who were both at one time industries ministers and Diwakar Reddy who was in the Cabinet, keep quiet?” he questioned. Interestingly, after speaking to media persons, Ravindra Reddy and Diwakar Reddy were closeted with Rosaiah for over an hour. They were joined by legislator TG Venkatesh and PCC Disciplinary Committee chairman K Satyanarayana Raju.

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