The special court for CBI cases dismissed the bail petition of Trimex chairman Koneru Rajendra Prasad on Tuesday. The CBI had objected to the bail on grounds that they will complete investigations in the Emaar scam within three months and granting bail to any of the accused at such a time would only hamper the investigations. Earlier, the CBI had alleged that Koneru had exclusive knowledge on end use of funds and transfer of excess money.
The CBI had registered a case in the alleged irregularities in APIIC-Emaar Properties land deal in August last year against Emmar-MGF, its sister concern and others alleging that favours were granted to it by the state government officials in the execution of a posh real estate project at Gachibowli. Mr Prasad, chairman of Trimex Group and also a promoter of Stylish Homes Real Estate Private Limited, one of the marketing agents for Emaar, has been accused of selling villa plots at prices higher than what was shown in the government records. He is said to have sealed the deal between APIIC and Emaar. He is in judicial custody and lodged at the Chanchalguda jail.