ED attaches assets worth Rs 96 cr in Emaar case

The Enforcement Directorate (ED) on Monday attached fixed deposits, plots and other assets worth Rs 96 crore in total in connection with probe related to APIIC-Emaar township project.

The Central Bureau of Investigation has filed a charge sheet alleging that Emaar Hills Township Private Limited (EHTPL) and others took excess money in cash for plots in EHTPL, without showing them on account books, and did not share this revenue with Andhra Pradesh Industrial Infrastructure Corporation, its joint-venture partner.

On the basis of this, the ED Hyderabad zone has registered "Enforcement Case Information Report" under the Prevention of Money Laundering Act against EHTPL and others, including EHTPL’s former director Koneru Rajendra Prasad, Tummala Ranga Rao of Stylish Holmes and Real Estate and N Sunil Reddy, former director of Southend Projects.

“Investigation revealed that the accused collected excess amounts in cash from the sale of villa plots in EHTPL to the extent of Rs 96.01 crore, and shared this amount among themselves. This amount forms part of the total amount of Rs 167 crore that constitutes Proceeds of Crime derived by cheating APIIC,” said an ED statement.

The properties attached include Rs 20 crore fixed deposits held by Southend Projects and Foundations, shares valued at Rs 25.21 crore of Indu Projects, 36 acres of land in Ranga Reddy district of Telangana valued at Rs 12.83 lakh held by Koneru Pradeep, son of Koneru Prasad, 14 plots owned by EHTPL valued at Rs 36.56 crore, 2,057 square yards of land in Ranga Reddy district.

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