The Andhra Pradesh High Court on Friday granted four-week interim bail to Koneru Prasad in connection with the APIIC EMMAR case. He had filed a petition requesting the court to allow him to visit Dubai. The court granted his wish by giving him a four-week breather. 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.

Prasad allegedly received money towards plots developed by Emaar MGF in the controversial township project from buyers after grossly undervaluing the market price, causing a huge financial loss to the joint venture company in which APIIC holds 26 per cent equity.

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.

Prasad, who is a businessman with close links with the West Asian governments and a couple of AP chief ministers in the past, had also played a key role in granting the project to Emaar way back in 2002. The AP High Court ordered the CBI probe after finding prima facie evidence in the alleged fraud and he was arrested last year.

Posted by Unknown on 09:18. Filed under Ap News . You can follow any responses to this entry through the RSS 2.0