The Principal Special CBI Court rejected bail to Trimex Group Chief Founder and main accused in the APIIC-Emaar land scam case, Koneru Prasad here today. This was the fifth time that the court had rejected bail application of Mr Prasad. The Judge A Pullaiah, while declining to grant bail to Mr Prasad, said as the investigation is under progress to find out the final beneficiaries in the Emaar scam, it was not wise to give bail at this stage. Mr Prasad was arrested by the CBI on November 3, 2011 and was lodged in Chanchalguda Jail here. Mr Prasad had contended in the court that he be granted bail as the chargesheet was filed by the CBI after completion of the investigation. The court had however agreed with the CBI’s argument that Mr Prasad would tamper the evidence and influence the witnesses if let off on bail. He was charged of committing irregularities in the sale of Villas plots.
Mr Prasad and one T Ranga Rao had collected amounts ranging from Rs 5,000 to Rs 50,000 a sq yd over and above the documented price of Rs 5,000 a sq yd from buyers of plots according to CBI’s argument in the court. UNI