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Industrialist Madhu Koneru, an accused in the Emaar APIIC township case, appeared Friday before the special Central Bureau of Investigation (CBI) court, which granted him bail.

The Dubai-based industrialist was given bail on furnishing a bond for Rs.25,000 with two sureties for the like amount. The court asked him to appear again in the court on May 17, when the next hearing would take place.

Madhu, son of Koneru Rajendra Prasad, a key accused in the case, is the 12th accused in the charge sheet filed by the CBI against 13 people in February.

A statement issued on behalf of advocate Rebecca John said he appeared before the court though no personal summons was issued to him.

“Mr Madhu Koneru wishes to reiterate that he has utmost regard for the law of the land and he will extend his fullest cooperation to the investigating agency, the CBI, and participate in the court proceedings whenever he is called upon. Therefore there is no question of not his appearing before the court,” said the statement.

Meanwhile, the court extended the judicial custody of Indian Administrative Service (IAS) officer B.P. Acharya, and Koneru Prasad to May 17 and that of Vijay Raghav to May 2.

The case relates to alleged irregularities in the sale of villas in the integrated township which realty major Emaar Properties built in Hyderabad in joint venture with Andhra Pradesh Infrastructure Investment Corporation (APIIC).

The CBI alleged that Dubai-based Emaar Properties, and its Indian associates in collusion with some public servants conspired to hijack the project, causing huge losses to the government nodal agency.

 

 


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