CBI files chargesheet in APIIC-EMAAR case

The CBI investigating alleged irregularities in the APIIC-Emaar properties deal today filed a chargesheet against senior IAS officer BP Acharya and 11 others in a local court.

According to CBI, Acharya, former Chairman and Managing Director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC), entered into a criminal conspiracy with officials of Emaar Group and unknown public servants to cheat APIIC and secure wrongful gains to Emaar.

The controversy centres around dilution of APIIC's equity in the project and also Emaar roping in its group company Emaar MGF Land Ltd as a co-developer for the 258-acre integrated township project at Gachchibowli here involving construction of residential villas, apartments and a golf course.

CBI arrested Acharya on January 30, while Koneru Prasad, was arrested on November 3 last year.

Similarly, the central agency arrested N Sunil Reddy, a close aide of YSR Congress Chief YS Jagan Mohan Reddy on January 24 while Vijayaraghav, the finance head of Emaar-MGF (south) was arrested on January 28.

All the four accused were today produced before the Special court for CBI cases here which remanded them in judicial custody till February 15.