What the Emaar scam is about

Jan 31, 2012 |

Hyderabad

Tags:

Emaar scam

The Rs 4,000-cr scam

* APIIC signs deal with Emaar Proper-ties PJSC Dubai to build township, golf course, convention centre in 2002.

* Two ‘special purpose vehicles’ are to be set up, but three SPVs are formed

* APIIC stake fixed at 26%. But Emaar MGF, a subsidiary of Emaar, inducted. This cuts APIIC stake to 5%

* Stylish Holmes of Koneru Prasad hired to sell Emaar villa plots. Acharya allegedly did not inform APIIC board

* Villa plots fixed at Rs 5,000 per sq yard without APIIC knowledge, sold at Rs 50K

* Stylish Holmes’ Ranga Rao collected Rs 96 cr through plot sales, handed it to Jagan Mohan Reddy aide Sunil Reddy

* APIIC loss estimated at Rs 4,000 crore

Others named by CBI

1. Stylish Holmes director T. Ranga Rao

2. Emaar Properties PSJC directors

3. Emaar MGF directors

So far in jail

1. B.P. Acharya: CBI alleges the IAS officer oversaw the Emaar scam, deprived government of its share of revenue.

2. Koneru Prasad: Stylish Hom-es MD and Emaar official, alleged scam beneficiary.

3. Sunil Reddy: Jagan's aide received slush funds from T. Ranga Rao of Stylish Holmes.

4. Raghavan: Emaar staf-fer, sold plots at higher pri-ces, signed off scam papers.

Post new comment

<form action="/comment/reply/123010" accept-charset="UTF-8" method="post" id="comment-form"> <div><div class="form-item" id="edit-name-wrapper"> <label for="edit-name">Your name: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="60" name="name" id="edit-name" size="30" value="Reader" class="form-text required" /> </div> <div class="form-item" id="edit-mail-wrapper"> <label for="edit-mail">E-Mail Address: <span class="form-required" title="This field is required.">*</span></label> <input type="text" maxlength="64" name="mail" id="edit-mail" size="30" value="" class="form-text required" /> <div class="description">The content of this field is kept private and will not be shown publicly.</div> </div> <div class="form-item" id="edit-comment-wrapper"> <label for="edit-comment">Comment: <span class="form-required" title="This field is required.">*</span></label> <textarea cols="60" rows="15" name="comment" id="edit-comment" class="form-textarea resizable required"></textarea> </div> <fieldset class=" collapsible collapsed"><legend>Input format</legend><div class="form-item" id="edit-format-1-wrapper"> <label class="option" for="edit-format-1"><input type="radio" id="edit-format-1" name="format" value="1" class="form-radio" /> Filtered HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Allowed HTML tags: <a> <em> <strong> <cite> <code> <ul> <ol> <li> <dl> <dt> <dd></li><li>Lines and paragraphs break automatically.</li></ul></div> </div> <div class="form-item" id="edit-format-2-wrapper"> <label class="option" for="edit-format-2"><input type="radio" id="edit-format-2" name="format" value="2" checked="checked" class="form-radio" /> Full HTML</label> <div class="description"><ul class="tips"><li>Web page addresses and e-mail addresses turn into links automatically.</li><li>Lines and paragraphs break automatically.</li></ul></div> </div> </fieldset> <input type="hidden" name="form_build_id" id="form-81612e93a9033c3c55523ac4fc4ec010" value="form-81612e93a9033c3c55523ac4fc4ec010" /> <input type="hidden" name="form_id" id="edit-comment-form" value="comment_form" /> <fieldset class="captcha"><legend>CAPTCHA</legend><div class="description">This question is for testing whether you are a human visitor and to prevent automated spam submissions.</div><input type="hidden" name="captcha_sid" id="edit-captcha-sid" value="87650673" /> <input type="hidden" name="captcha_response" id="edit-captcha-response" value="NLPCaptcha" /> <div class="form-item"> <div id="nlpcaptcha_ajax_api_container"><script type="text/javascript"> var NLPOptions = {key:'c4823cf77a2526b0fba265e2af75c1b5'};</script><script type="text/javascript" src="http://call.nlpcaptcha.in/js/captcha.js" ></script></div> </div> </fieldset> <span class="btn-left"><span class="btn-right"><input type="submit" name="op" id="edit-submit" value="Save" class="form-submit" /></span></span> </div></form>