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EMAAR Properties Case: Dubai Prasad Arrested

EMAAR Properties Case: Dubai Prasad Arrested

posted on Nov 4, 2011 @ 3:38PM

The CBI, which is probing the Emaar-APIIC township scam, has arrested industrialist Koneru Rajendra Prasad (popularly known as Dubai Prasad) on Thursday. With this, Prasad's relationship with the who's who in Andhra Pradesh, including former chief ministers N. Chandrababu Naidu and Y.S. Rajasekhara Reddy, under the Central Bureau of Investigation (CBI) scanner.

Koneru Rajendra Prasad, the founder chairman and chief mentor of Trimex Group and promoter of Stylish Homes Real Estate Limited was arrested on charges of cheating, criminal conspiracy, criminal breach of trust, forgery and falsification of accounts. Popular as 'Dubai Prasad' for his immense clout in Dubai and other emirates, he allegedly sold plots developed by Emaar-MGF in the township for Rs.25,000 to Rs.50,000 per square yard while showing only Rs. 5,000 in official records. CBI officials said this caused huge losses to Andhra Pradesh Industrial Infrastructure Corporation (APIIC), which had 26 percent equity in the joint venture with Emaar. The Dubai-based Emaar Properties and its Indian associates are alleged to have diluted the equity of APIIC without the latter's knowledge.

It was during the tenure of TDP chief Chandrababu Naidu as the chief minister, Prasad started calling the shots. It was during his rule that Prasad was acting as representative of Emaar Properties, which bagged the prestigious project to build international convention centre near Hitec City, the IT district in Hyderabad. Prasad also used his clout with Naidu to get 535 acre of prime land at Gachibowli for Emaar Properties to build township-cum-golf course project in 2002. His clout in the business and political circles only increased when he became the business ambassador of Ras Al Khaimah (RAK), one of the seven emirates in the United Arab Emirates (UAE). As the director of RAK Investment Authority and with his proximity to the state chief minister, he became the marketing agent for Emaar Hills Township Project (EHTP) to sell the posh villas and apartments in the township built by Emaar-MGF in the township at Gachibowli. He sold the villas to top businessmen, politicians and film personalities.

The businessman's meteoric rise continued when the late Rajasekhara Reddy, known as YSR, became chief minister in 2004. Prasad was reportedly shown many favours by YSR and his close aides. In 2007, the state government entered into an agreement with RAK for $2 billion alumina refinery and smelter project in Visakhapatnam district. The government allotted 350 acres land for the mega project. Prasad also managed to get the contract for RAK for building Economic City at Sultanpur on the outskirts of Hyderabad. The government in 2008 allotted 576 acres of land for the project. It was claimed that the project will bring Rs.20,000 crore investment and provide 100,000 jobs. Prasad along with his two sons floated a special purpose vehicle Hyderabad Economic City Developers Private Limited to build the project.
 

 

Video Source: snehatv.com

 

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