HYDERABAD: The ED has filed counter affidavit in the Telangana HC seeking dismissal of the petition filed by I Syam Prasad Reddy of Asara Theme Projects Pvt Ltd, who urged the Court to grant stay of all further proceedings in the case registered against him in connection with Emaar Properties scam.
The ED, in its counter, stated that the investigation had revealed that the petitioner was in possession of proceeds of crime of Rs 36.86 crore.
The proceeds gained by other accused have been routed to the petitioners as advance for sale of its property, but the transaction has not be finalised.
Referring to the petitioners’ contention that they were not accused in CBI charge sheets filed in 2012 and have no involvement about the transaction with the then APIIC, the ED stated that the contention is not tenable as the proceedings under the Prevention of Money Laundering Act (PMLA) is done for trailing proceeds of crime.