Founder chairman and chief mentor of Trimex group Koneru Prasad was arrested by the Central Bureau of Investigation (CBI)
The CBI had been questioning Mr Prasad for the past two days at the Dilkusha Guest house regarding the Emaar scam. CBI joint director V.V. Lakshminarayana said, “Koneru Prasad has been arrested on the allegation that the plots were sold at the rate of `10,000 to `50,000
per square yard, but the records were falsefied to show that they were sold only for `5,000. We will be seeking his custody to find out how much money was routed to foreign countries.”
Prasad is a key accused in the ongoing investigation into alleged fraud played on the state's nodal agency by the Dubai-based company and its Indian associates.
The Stylish Homes Real Estate Limited which was floated by Prasad has been charged with undervaluing the villas and plots sold at the site while making huge profits in the transactions. The company is the marketing agent for EHTP.
The arrest was effected after the investigative agency collected direct evidence against him wherein the money paid by some buyers towards the villa plots was credited into his own bank accounts.
The CBI had been questioning Mr Prasad for the past two days at the Dilkusha Guest house regarding the Emaar scam. CBI joint director V.V. Lakshminarayana said, “Koneru Prasad has been arrested on the allegation that the plots were sold at the rate of `10,000 to `50,000
per square yard, but the records were falsefied to show that they were sold only for `5,000. We will be seeking his custody to find out how much money was routed to foreign countries.”
Prasad is a key accused in the ongoing investigation into alleged fraud played on the state's nodal agency by the Dubai-based company and its Indian associates.
The Stylish Homes Real Estate Limited which was floated by Prasad has been charged with undervaluing the villas and plots sold at the site while making huge profits in the transactions. The company is the marketing agent for EHTP.
The arrest was effected after the investigative agency collected direct evidence against him wherein the money paid by some buyers towards the villa plots was credited into his own bank accounts.
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