Koneru crime not ‘grave’, given bail

Aug 03, 2012 - S.A. ISHAQUI |

Hyderabad

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The Andhra Pradesh High Court on Thursday granted conditional bail to industrialist Koneru Rajendra Prasad, who was arrested in the APIIC-Emaar township scam, stating that his offence was not “grave and alarming”. He had been arrested by the CBI in November last year. The CBI had charged that Mr Prasad, as promoter of Stylish Holmes Real Estate Private Ltd., had collected Rs 96.01 crore from plot buyers in the township after grossly undervaluing the market price. This had led to a huge loss to the exchequer as well as the joint venture firm in which Andhra Pradesh Industrial Infrastructure Corporation holds 26 per cent equity.

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