Emaar MGF executive gets bail in township case

Published: 24th September 2012 08:34 PM  |   Last Updated: 24th September 2012 08:34 PM   |  A+A-


A special court here Monday granted conditional bail to G. Vijaya Raghava, the finance head (south) of Emaar MGF, in the Emaar-APIIC township case.

The special Central Bureau of Investigation (CBI) court granted bail to the accused on the condition that he surrender his passport and appear before the agency whenever summoned. He was also asked not to leave Andhra Pradesh.

The judge directed Vijaya Raghava to furnish a personal a personal bond of Rs.1 lakh and two sureties.

He was arrested by the CBI on Jan 28 this year on charges of cheating, criminal conspiracy and falsification of accounts, and since lodged in Chanchalguda Central Jail here.

The CBI in April had filed a supplementary charge sheet against Vijaya Raghava and other accused.

Vijaya Raghava is the second accused to get bail in the case.

Last month, the Andhra Pradesh High Court had granted bail to industrialist Koneru Rajendra Prasad, who was arrested in November last year.

The others arrested and jailed in the case include suspended Indian Administrative Service (IAS) officer B.P. Acharya Prasad.

They were all charged with alleged irregularities in the township project which Emaar built in a joint venture with Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

The accused allegedly collected money to the tune of several crores from buyers for plots in the township project, after grossly undervaluing the market price. According to the CBI, this caused huge loss to APIIC, a state government body.

The investigating agency alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs 43.5 crore even as Emaar Properties and Emaar MGF obtained pecuniary gain of about Rs. 167 crore.

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