HYDERABAD: The Special CBI Court on Monday reserved its orders till January 12 on the bail petition of Koneru Prasad, the key accused in the Emaar Properties APIIC scam.The arguments, heard by special CBI court magistrate B Naga Maruthi Sharma, concluded.R Kumar, counsel for Prasad, said that his client was arrested for offences under Sections 409, 420 (cheating and dishonestly inducing delivery of property), 477 A (fraudulent cancellation) and 120B (criminal conspiracy ) of IPC. Prasad not being a public servant, the prosecution added Section 409 also as having been contravened."Prasad has been a chronic patient suffering from tuberculoma: adversive seizures with secondary generalisation (commonly known as convulsions) and also from labile hypertension and fatty liver. The nature of the disease is that it is likely to recur if the patient undergoes severe stress and has drastic fluctuations in the blood pressure,'' Kumar said.The CBI said the then APIIC managing director and officials conspired with Emaar Properties on the project, Emaar MGF Hill Township Private limited and Emaar MGF, causing wrongful loss to APIIC. It is alleged that Emaar entered into a development agreement with Emaar MGF without the consent of APIIC.Prasad's counsel argued that he was not a director and he was innocent of the offences alleged against him. He was under police custody for 11 days November 3, 2011. The CBI did not choose to arrest any of the public servants involved or against whom allegations had been made categorically. Stating that Prasad had deep roots in society and was willing to furnish suitable securities and abide by any conditions, his counsel pleaded with the court to release him on bail.
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