Koneru Prasad gets interim bail

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HYDERABAD: The Special Court for CBI cases on Tuesday granted interim bail to the key accused in the Emaar- APIIC properties scam ..

HYDERABAD: The Special Court for CBI cases on Tuesday granted interim bail to the key accused in the Emaar- APIIC properties scam and Trimex group chairman Koneru Rajendra Prasad alias Koneru Prasad.Prasad, who is also the promoter of Stylish Homes Real Estate Private Limited, was earlier remanded in CBI custody (police custody) on two occasions after his arrest by the central agency on November 3 and was sent to judicial custody on Monday and lodged in the Chanchalguda central prison till November 18.Prasad, who is lodged in the Chanchalguda central prison, requested the magistrate on Monday to grant him permission to visit Sabarimala.As soon as the hearing on the bail petition began on Tuesday, the CBI’s counsel filed a counter petition opposing bail.After hearing the arguments of both the counsels, magistrate B Naga Maruthi Sharma granted conditional interim bail to Prasad for a week from November 16 to 22 to enable him to visit Sabarimala as part of his 41-day-long Ayyappa deeksha.Asking the accused to appear in the court at 2 pm on November 22, the court directed the Chanchalguda central prison authorities to provide an escort to him on his pilgrimage.The court also asked Prasad to deposit his passport and provide a personal bond worth Rs 50,000 to the court.Prasad has also been directed not to carry or use his mobile phone.Prasad will be escorted by three escort police of Chanchalguda prison during his visit to Sabarimala and was directed not to influence witnesses and tamper with evidence.Stylish Homes Real Estate Private Limited, one of the marketing agents for Emaar, has been accused of selling villas and plots at a premium but showing sale at lower prices in the records.Prasad, a key accused in the Emaar case, was instrumental in the APIIC-Emaar land deal and allegedly had a role in diluting APIIC’s equity and roping in its group company Emaar MGF Land Pvt Ltd as a co-developer of the township (built at Gachibowli in Hyderabad) which resulted in reduction of stake and loss to the APIIC, the CBI alleged.