The CBI (Central Bureau of Investigation ) recently visited the residence of former Chief Minister and Telugu Desam Party president N Chandrababu Naidu to question his daughter-in-law Nara Bramhani, who is one of the buyers of plots in the controversial integrated township project promoted by the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and Dubai-based Emaar group
CBI has been investigating the alleged fraud committed by Emaar on APIIC by selling plots at a fraction of the market value to ‘VIPs’ among others apart from reducing the government agency's equity to just 6 per cent from 26 per cent originally held by it in the joint venture - Emaar Hills Township Private Limited. CBI earlier also questioned Telugu film actor Ramcharan Tej, Chiranjeevi's son.
More than 100 high-profile individuals, including state industry minister J Geeta Reddy, former PCC president D Srinivas and a couple of relatives of former chief minister YS Rajasekhara Reddy, have bought the plots at Rs 5,000 per square yard, compared with the then prevailing market rate of Rs 50,000- 60,000 per sq yd.
As Naidu’s daughter in law was out of town, family members reportedly gave details of the purchase. The state Vigilance and Enforcement department, which had inquired into the matter prior to CBI, also found several benami transactions made in the name of certain firms and also in the name of employees of Emaar MGF. It had gathered evidences showing that Emaar officials had collected money in cash from certain individuals towards the sale of these plots.
Nara Bramhani holds two plots admeasuring 1,322 square yards and 1,118 square yards earmarked for villas. Naidu recently told the media that they were bought by her father and brother-in-law N Balakrishna, actor, prior to her marriage to his son.
Refuting charges of any fraud, Emaar has maintained that it had allowed marketing firm, Stylish Homes Private Limited, to sell the first 100 plots in the project at Rs 5,000 per square yard as a promotional gesture.
Though some of these plot buyers say they had paid the price at Rs 5,000 per square yards as fixed by Stylish Homes, the CBI is questioning the way the whole transaction was done in the first place.
“First Stylish Home had entered into an MoU with the plot buyer. Then the buyer paid money to Emaar MGF company towards the cost of the plot, but the sale deed was made in the name of the buyer by EHTPL. How can the plot owners agree to this dubious arrangement without raising any relevant questions?” a source privy to the CBI's ongoing inquiry said.
The Vigilance department in its report observed: “The Emaar-MGF has developed villa plots in the above project, out of which M/s Stylish Homes Real estate Private Limited marketed 100 villa plots at Rs 5,000 per square yard and the remaining villa plots were sold directly by Emaar company and Emaar-MGF. In the internal notes circulated to the company, it was mentioned that ‘due to pressure from VVIPs of the state for more plots we have increased the number of plots to 125 as per approved master plan and again increased it to 133 due to the same reason’. It is clear that there was interference in the sale of plots and project could not be executed on commercial lines.”
This is just one aspect of the case wherein the report contended that Emaar had unilaterally roped in Emaar MGF as the developer of the 258.36 acre township project thereby reducing APIIC’s equity through subsequent development agreement, which was entered without the approval of the board of the state agency.
The high court, which ordered the CBI inquiry last month into this alleged fraud, had extensively relied on the report submitted to the state government by the Vigilance and Enforcement department last year.
The CBI has issued notices to about 85 buyers of these plots to explain the details of the purchase and initiated questioning them in the last couple of days.
Src: BS
CBI has been investigating the alleged fraud committed by Emaar on APIIC by selling plots at a fraction of the market value to ‘VIPs’ among others apart from reducing the government agency's equity to just 6 per cent from 26 per cent originally held by it in the joint venture - Emaar Hills Township Private Limited. CBI earlier also questioned Telugu film actor Ramcharan Tej, Chiranjeevi's son.
More than 100 high-profile individuals, including state industry minister J Geeta Reddy, former PCC president D Srinivas and a couple of relatives of former chief minister YS Rajasekhara Reddy, have bought the plots at Rs 5,000 per square yard, compared with the then prevailing market rate of Rs 50,000- 60,000 per sq yd.
As Naidu’s daughter in law was out of town, family members reportedly gave details of the purchase. The state Vigilance and Enforcement department, which had inquired into the matter prior to CBI, also found several benami transactions made in the name of certain firms and also in the name of employees of Emaar MGF. It had gathered evidences showing that Emaar officials had collected money in cash from certain individuals towards the sale of these plots.
Nara Bramhani holds two plots admeasuring 1,322 square yards and 1,118 square yards earmarked for villas. Naidu recently told the media that they were bought by her father and brother-in-law N Balakrishna, actor, prior to her marriage to his son.
Refuting charges of any fraud, Emaar has maintained that it had allowed marketing firm, Stylish Homes Private Limited, to sell the first 100 plots in the project at Rs 5,000 per square yard as a promotional gesture.
Though some of these plot buyers say they had paid the price at Rs 5,000 per square yards as fixed by Stylish Homes, the CBI is questioning the way the whole transaction was done in the first place.
“First Stylish Home had entered into an MoU with the plot buyer. Then the buyer paid money to Emaar MGF company towards the cost of the plot, but the sale deed was made in the name of the buyer by EHTPL. How can the plot owners agree to this dubious arrangement without raising any relevant questions?” a source privy to the CBI's ongoing inquiry said.
The Vigilance department in its report observed: “The Emaar-MGF has developed villa plots in the above project, out of which M/s Stylish Homes Real estate Private Limited marketed 100 villa plots at Rs 5,000 per square yard and the remaining villa plots were sold directly by Emaar company and Emaar-MGF. In the internal notes circulated to the company, it was mentioned that ‘due to pressure from VVIPs of the state for more plots we have increased the number of plots to 125 as per approved master plan and again increased it to 133 due to the same reason’. It is clear that there was interference in the sale of plots and project could not be executed on commercial lines.”
This is just one aspect of the case wherein the report contended that Emaar had unilaterally roped in Emaar MGF as the developer of the 258.36 acre township project thereby reducing APIIC’s equity through subsequent development agreement, which was entered without the approval of the board of the state agency.
The high court, which ordered the CBI inquiry last month into this alleged fraud, had extensively relied on the report submitted to the state government by the Vigilance and Enforcement department last year.
The CBI has issued notices to about 85 buyers of these plots to explain the details of the purchase and initiated questioning them in the last couple of days.
Src: BS
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