HYDERABAD: The Enforcement Directorate, which is investigating the Emaar Hills Township Private Limited and property scam, on Monday attached assets worth Rs 96.01 crore of the EHTPL.
In a statement, the Directorate of Enforcement officials said a case was registered basing on the chargesheet filed by the CBI wherein it was alleged that EHTPL and others had collected excess amount in cash from the buyers of plots in EHTPL but did not account for the same in books and neither did they share the revenue with the joint venture partner APIIC.
The ED Hyderabad zone registered the ‘Enforcement Case Information Report’ under the Prevention of Money Laundering Act against EHTPL and others including EHTPL’s former director Koneru Rajendra Prasad, Tummala Ranga Rao of Stylish Holmes and Real Estate and N Sunil Reddy, former director of Southend Projects. Investigation revealed the accused had collected excess cash from the sale of villa plots in EHTPL to the extent of Rs 96.01 crore and shared this amount among themselves. This amount forms part of the total amount of Rs 167 crore that constitutes the proceeds of crime derived by cheating APIIC, the ED said.
The properties attached include Rs 20 crore FDs held by Southend Projects, shares valued at Rs 25.21 crore of Indu Projects, 36 acres in Ranga Reddy district valued at Rs 12.83 lakh held by Koneru Pradeep, son of Koneru Prasad, 14 plots owned by EHTPL valued at Rs 36.56 crore and 2,057 square yards in Ranga Reddy district held by Stylish Holmes.