The CBI FIR, filed against the Emaar Properties in the villa plots’ scale scam, has exposed the role of both Jaganmohan Reddy, son of the late Chief Minister YSR and KVP Ramachandra Rao, Rajya Sabha member and the once powerful adviser to YSR.
Saying that the APIIC’s managing director BP Acharya entered into a criminal conspiracy with the directors of the Emaar Properties, the FIR charged that the IAS officer acted in cahoots with the APIIDC director Mr. Parthasarathy Rao who was a brother-in-law of KVP Ramachandra Rao.
At the behest of KVP and Jagan, Acharya, instead of protecting the interests of the APIIC, caused huge loss to the government organization by willfully allowing the unlawful agreements between EHTPL and Emaar MGF which minted money illegally to the tune of hundreds of crores of rupees.
Again, at the behest of KVP and Jagan, Acharya allowed the sale of 535 acres of APIIC to Emaar Properties at a grossly undervalued price of Rs 29 lakh/acre when the market rate was as high as Rs 4.98 Cr per acre. Acharya did not also object to the transfer of rights by Emaar MGF to Stylish Homes Pvt Ltd.
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FIR speaks all about Emaar scam
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Out of the 135 villa plots developed by Emaar MGF, 100 were sold by Stylish Homes to a limited group of people for about Rs 5,000/sq yard. In the case of 18 plots sold to companies in Delhi and Kerala, the date of allotment was shown as June 16, 2006 but the same companies did not exist on the said date, according to the FIR.
What was worse, the Emaar MGF sold plots for these villas at Rs 5,000/sq yard from 2006 onwards when the registration value itself in the area was around Rs 12,000/sq yard.
The FIR mentioned that the Emaar properties showed a profit of Rs 85.77 Cr so far in its records while it unofficially siphoned off an unaccounted sum of Rs 450 Cr to its coffers.
In the golf course project, the Emaar made a profit of Rs.13.2 Cr from 627 members while a meager amount of Rs.1.5 lakh was credited to the account of APIIDC. Again, the Emaar generated whopping revenue of Rs.365.94 Cr on the Cyberabad Convention Centre project while it gave only Rs.7.75 Cr to the APIIDC.
