Andhra Pradesh:Twist in Emaar case,two more face prosecution

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Andhra Pradesh
Hyderabad, Mar 15: The APIIC-Emarr properties case has taken a new twist when the Anti Corruption Bureau court has ordered the Central Bureau of Investigation to book cases against B R Meena, MD of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and Sivarama Subramaniam, its former Chairman.

Sources said that, Mr Meena and Mr Subramaniam were responsible for the Emaar Scam coming to light. Moreover, a lawyer has filed a petition in the anti corruption bureau court alleging that these two had stalled the resignation of villas, there by causing a loss of Rs 650 Crores to the APICC.

The CBI has already filed the chargesheet against Former Emaar MGF CEO Srikanth Joshi and 12 others in connection with the APIIC-Emaar Properties case.

The properties case relates to alleged irregularities in the development of a township at Gacchibowli in Hyderabad by Emaar Properties and Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

Dubai-based Emaar and its Indian associate companies allegedly in collusion with some bureaucrats diluted the equity of APIIC, causing huge loss to the state exchequer.

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