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APIIC-Emaar Scam: Ambati Kin Among The Beneficiaries

APIIC-Emaar Scam: Ambati Kin Among The Beneficiaries

posted on Aug 24, 2011 @ 4:21PM

Ambati Rambabu, considered a staunch loyalist of YS Jagan Mohan Reddy, was APIIC chairman during the tenure of late YS Rajasekhar Reddy. He might be feeling happy to see that so far his name hasn't been included in the FIR filed by CBI in the APIIC-Emaar scam, though his brother cornered a villa at the Emaar Hills Township Pvt Limited (EHTPL) at a throw away price.

According to Emaar properties reports, Ambati Murali Krishna, brother of Ambati Ram Babu, bought a villa apparently using his brother's influence on EHTPL. According to Emaar properties reports, Ambati Murali Krishna was allotted plot no B-3 spread over an extent of 1,113 square yards at a throwaway price of Rs 5,000 per square yard when the actual market value prevailing at that time was not less than Rs 40,000 per square yard along with other high-profile buyers like industries minister J Geetha Reddy, former PCC chief D Srinivas, TDP president N Chandrababu Naidu's daughter-in-law Nara Brahmani, several bureaucrats, film stars and others.

Advocate T Sriranga Rao, who earlier made Ram Babu a respondent in the ACB court in the APIIC-Emaar scandal, alleged Ram Babu benefited from Emaar by getting a villa registered in his brother's name. "There are several influential persons who got the villas registered in their names by officially paying just Rs 5,000. However, the actual market value was more than Rs 40,000 at that time. As a result, APIIC lost several thousands of crores," says Mr. Ranga Rao.

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