APIIC-Emaar Case: Venkata Vijay Raghav Granted Bail

A special CBI court here today granted bail to Emaar MGF Finance Head (South) G Venkata Vijay Raghav in the case of alleged irregularities in APIIC-Emaar properties deal.

The Principal Special Court for CBI Cases here allowed the bail plea of Raghav on the condition that he should surrender his passport, mark his presence by appearing before CBI officials daily.

He was further directed to deposit a personal bond of Rs one lakh and two sureties of like sum towards execution of the bail.

The Court had on September 12 dismissed Raghav's bail petition and directed the CBI to complete its investigation in the case at the earliest after which the central agency filed its final chargesheet on September 15, and estimated the loss to government on account of implementation of Emaar township project at Gachibowli here at Rs 215 crore.

Raghav's counsel in the bail petition filed last week had contended that CBI was unnecessarily opposing his client's bail application even after completing investigation and filing three charge-sheets.

The CBI had, however opposed Raghav's bail plea on the ground that the accused could influence witnesses if released on bail. The agency contended that the petitioner (Raghav) in conspiracy with other accused had sold villa plots in Emaar Hills Township Pvt Ltd (EHTPL), though there was no provision to sell plots, but to construct villas and sell them.

The CBI, in its first charge sheet filed on February 1 against suspended IAS officer BP Acharya, the prime accused in the case and others comprising individuals and private companies, had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli in Hyderabad.

In its supplementary chargesheet filed in April this year, CBI had charged Raghav and others of "selling villa plots at high rates and omitting mention of the same" in the books of the joint venture vehicle floated by APIIC and Emaar, causing a loss to the exchequer.

Raghav, presentely lodged in the Chanchalguda jail here since his arrest on January 28, is the second person to be granted bail in the case after a key accused--industrialist Koneru Prasad, promoter of Stylish Homes Real Estate Pvt Ltd, one of the marketing agents for Emaar, was granted bail by the Andhra Pradesh High Court.

The CBI had earlier alleged that APIIC was deprived of its legitimate revenue share to the tune of Rs 43.5 crore from the Integrated Township project it developed jointly with Emaar Group, even as Emaar Properties and Emaar MGF obtained pecuniary gain of about Rs 167 crore.

Emerging story. Watch this space for updates as more details come in
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