AP home secretary held in Emaar scam

Jan 31, 2012 |

Age Correspondent

Hyderabad

The CBI on Monday arrested Andhra Pradesh home secretary B.P. Acharya for alleged involvement in the Emaar Township and golf course scam. Mr Acharya was vice-chairman and MD of AP Industrial Infrastructure Corp. when the scam took place. In the main, the APIIC’s stake was reduced in the JV with Emaar, resulting in a fall in the government’s share of revenue.
The CBI has alleged that Mr Acharya conspired with the other accused in the case — Koneru Prasad, developer Emaar MGF and Stylish Homes — and deliberately allowed the government to suffer a loss.
It alleged that Mr Acharya did not raise any objections to the agreements, lease deeds and decisions taken by the SPVs though he attended board meetings. He also failed to inform the APIIC board regarding decisions that resulted in the government losing crores of rupees.
Interestingly, in the remand report there was no mention of what benefits Mr Acharya received to conspire with the accused. Mr Acharya was produced in the CBI special court at Nampally on Monday and remanded to CBI custody till February 1.

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