A special CBI court on Thursday rejected the bail petition of industrialist Koneru Rajendra Prasad, an accused in the APIIC-Emaar township project case.
The CBI strongly opposed Koneru’s second bail plea on the grounds that the IPC section 409 (criminal breach of trust by public servant) was applied against him, which mandated his detention in judicial custody for 90 days.
The CBI counsel further alleged that Koneru had received money to the tune of Rs 138 crore towards the plots developed by Emaar MGF in the controversial township project from buyers, after grossly undervaluing the market price, causing a huge financial loss to the joint venture company APIIC.
The special court also extended his remand custody to January 25.
Earlier, Koneru Prasad, the chairman of Trimex group and also a promoter of the Stylish Homes Real Estate Private Limited, was arrested by CBI on November 3 and lodged at the Chachalguda Central Prison here.
The defence counsel sought Koneru’s bail on the health grounds and claiming he hails from a good family. The court, which had last month dismissed his first bail application, after hearing arguments of both the sides, reserved its orders till January 12 (Thursday) and finally rejected the plea. (INN)
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