The High Court on Thursday granted conditional bail to Trimex Chairman Koneru Rajendra Prasad in the Emaar Properties scam.While sanctioning bail to Koneru Prasad, the Court directed him to furnish a surety bond of Rs 5 lakh. The court also asked Koneru Prasad not to leave the state without informing the probing agency.
Presently Koneru Prasad was lodged in the Chanchalguda jail since nine months. Earlier, the CBI special Court has dismissed his bail petition following the objection raised by the CBI that Prasad’s release would affect the investigations. It may be mentioned that the CBI has registered a case in the alleged irregularities in APIIC-Emaar
Properties land deal in August last year against Emmar-MGF 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.
According to the CBI, Prasad, chairman of Trimex Group and promoter of Stylish Homes Real Estate Private Limited and one of the marketing agents for Emaar, sold villas at higher price causing huge loss to exchequer. The CBI alleged that Koneru had exclusive knowledge on use of funds and transfer of excess money in the deals. (INN)
