Koneru Prasad granted interim bail to visit Sabarimala

Prasad, who is also the promoter of Stylish Homes Real Estate Pvt Ltd was earlier remanded in CBI custody (police custody) on two occasions after his arrest by the central agency on November 3 and was yesterday sent to judicial custody and lodged in Chanchalguda Jail here till November 18.

Prasad's counsel had moved a petition for interim bail for his client to enable him to complete his 'Ayyappa deeksha' at Sabarimala on November 17.

While giving interim bail to Prasad on humanitarian grounds, the court today asked him to surrender himself before it on November 22 and deposit his passport and furnish personal bond of Rs 50,000.

Prasad will be escorted by three policemen of Chanchalguda Jail during his visit to Sabarimala and was directed not to influence witnesses and tamper with evidence.
Stylish Homes Real Estate Pvt Ltd, one of the marketing agents for Emaar is accused of selling villas and plots at high rates though officially it was shown to have been done at much reduced rates.

Koneru Prasad, is a key person in the Emaar case and instrumental in the APIIC-Emaar land deal and allegedly had a role on dilution of APIIC's equity and roping in its group company Emaar MGF Land Pvt Ltd as a co-developer for the township (built in Gachibowli here) which in turn resulted in reduction of stake and loss to Andhra Pradesh Industrial Infrastructure Corporation (APIIC), the CBI had earlier alleged.