The CBI Special Court on Friday remanded Koneru Prasad, founder chairman of Trimex Group, to seven days CBI custody for further investigations into the Emaar scam. He was arrested by the Central Bureau of Investigation here on Thursday in connection with the scam relating to sale of villas by Emaar Hills Township Project (EHTP) at Nanakramguda.
After hearing the arguments from both the sides, the VIIIth Metropolitan Sessions’ Judge of CBI Special Court remanded Koneru Prasad to seven days CBI custody. The court asked the CBI officials to conduct their interrogation in the presence of Koneru’s counsel Ashok Vardhan Reddy during working hours without using any third degree methods.
The court asked the CBI to produce him in the court on November 10 after the end of one week remand. Earlier, the CBI’s counsel sought 15 days remand for Koneru Prasad for collecting vital information in connection with the sale of 134 villas between 2006 and 2008 at the rate of Rs 5,000 per square yard to high profile individuals and their relatives against the actual cost of Rs 50,000 causing huge loss to Andhra Pradesh Industrial Infrastructure Corporation. However, Koneru’s counsel M Sudhakar Reddy objected to 15 days CBI custody citing his health conditions.
After the completion of arguments, the CBI court remanded Koneru Prasad to seven days CBI custody.
The CBI charged Koneru Prasad with under-valuing the villas and plots sold at Emaar Hills Township Project while making huge profits in the transactions. He has been arrested under sections 120-B, 420, 409, 420, 477A of Indian Penal Code, and sections 13 (2) r/w 13 (1)(c) (d) of the Prevention of Corruption Act 1988. (INN)
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