The Andhra Pradesh High Court on Monday rejected the bail petition of Trimex chairman Koneru Rajendra Prasad, who was arrested by the CBI in Emaar Properties scam.
The bench headed by Justice Samudrala Govindarajulu dismissed Koneru’s bail petition after the CBI counsel raised objections. Koneru Prasad’s counsel observed that the court could grant bail as the CBI has already filed charge sheet against his client. However, the CBI’s counsel opposed the bail claiming that his release might hamper investigations.
Earlier, the High Court and CBI special courts have rejected bail for Koneru Prasad.
In its petition, the CBI has alleged that Koneru had exclusive knowledge on end use of funds and transfer of excess money. It also accused Koneru of selling villa plots at prices higher than what was shown in the government records. —(INN)