Sunil Reddy got Rs 45 cr from 10 companies: CBI

Mar 17, 2012 |

Hyderabad

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The CBI on Friday told the court that Emaar accused Sunil Reddy's firm South End Projects and Foundation Pvt Ltd received Rs 45 crore from 10 companies in 2009-10 alone.

“The money disappeared from the company’s account immediately after it was credited and investigation into its end use is in progress,” senior counsel B. Ravindranath told the court, while opposing bail. The CBI said that Mr Sunil Reddy was promoter and director of South End Projects and Foundation Pvt Ltd and the 10 companies were incorporated for the sole purpose of transferring the amounts. “Investigation has revealed that the 10 firms existed only on paper and they did not conduct any business other than transferring the amounts,” the CBI said. Mr Ravindranath added that Mr Sunil Reddy, after coming to know of the CBI’s line of investigation, got one Manohar Reddy, to file a writ in the HC to hamper the investigation.

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