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Rediff.com  » News » CBI's AP real estate scam chargesheet: Govt officers named

CBI's AP real estate scam chargesheet: Govt officers named

February 01, 2012 20:45 IST

The Central Bureau of Investigation on Wednesday filed a chargesheet against seven accused persons and five private companies before the special judge for CBI cases, Hyderabad under sections 120-B, 420, 109, 409, 477-A of the Indian Penal Code and sections 13(2) r/w 13(1)(c) & (d) and section 15 of Prevention of Corruption Act, 1988, in connection with the alleged irregularities in the sale of villas, plots, flats in the Integrated Project, Manikonda, Hyderabad.

The accused named in chargesheet are the then vice chairman and managing director of Andhra Pradesh Industrial Infrastructure Corporation (now principal home secretary, Andhra Pradesh); then secretary(industry), Andhra Pradesh (now retired); then vice chairman and MD of APIIC (now executive officer, TTD, Andhra Pradesh); four private persons; and five Dubai and Hyderabad-based real estate private companies.

286 witnesses have been cited in the chargesheet and 1,834 documents have been filed along with the chargesheet.


The investigation revealed that the accused hatched conspiracy during 2002 and 2010 to defraud the APIIC and thereby government of Andhra Pradesh, in the matter of sale of villa plots, apartments and other ventures pertaining to the Integrated Project.

In pursuance of the conspiracy, the public servants had abused their respective official positions and facilitated the private real estate companies to sell the villas, plots at exorbitant rates to the buyers, remitting only the documented sale consideration to a Hyderabad-based real estate company, and allegedly swindling away with the unaccounted extra sale consideration received in cash.  

The accused public servants were also instrumental in fixing the lease rentals detrimental to the interest of APIIC. The villas, plots were sold contrary to the objectives of the Integrated Project originally mooted by the government of Andhra Pradesh.

Three private persons have acted as conduits to collect excess sale considerations from the villa, plot buyers and the unaccounted money was not reflected in the books of accounts of the Dubai and Hyderabad-based real estate firms. Hence, the same could not be shared with APIIC which had 26 per cent stake in the project, the chargesheet noted.

The role of other accused persons is being investigated, sources said.        

The chargesheet indicts B P Acharya, principal secretary , home), government of Andhra Pradesh, Emaar Properties PJSC, Dubai, Emaar Hills Township Pvt Ltd., Hyderabad, Emaar MGF Land Ltd, Delhi and Hyderabad, Stylish Holmes Real Estates Pvt Ltd, Delhi and Hyderabad, Koneru Rajendra Prasad, Srikant Joshi, Boulder Hills Leisure Pvt Ltd., Hyderabad, L V Subrahmanyam, the then vice chairman and MD, APIIC, presently executive officer, Tirumala  Tirupati, Devasthanams, Hyderabad, K V Rao, then secretary (industries), Andhra Pradesh, now retired, Madhu Koneru and Ranga Rao.

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A Correspondent