HYDERABAD: The Central Bureau of Investigation is likely to move the High Court shortly challenging the special CBI court's order granting bail to senior IAS officer and former APIIC chairman-cum-managing director BP Acharya, accused number one in the Emaar township scam case. The senior IAS officer was released from the Chanchalguda jail on Friday after a stay of nearly two months. The CBI court granted him bail with the CBI failing to get government's sanction for his prosecution. His counsel argued that there was no need for the CBI to keep Acharya in judicial remand in such a situation. It is learnt that the CBI officials, who had succeeded in having the bail granted to suspended senior IAS officer Y Srilakshmi cancelled, are now busy gathering required documents to file in the High Court to seek cancellation of bail granted to Acharya. Srilakshmi was arrested by the CBI on November 28, 2011 in the case of illegal mining by Obulapuram Mining Company of Gali Janardhan Reddy and was granted bail by the CBI court on December 2. The High Court cancelled her bail on January 3 and directed her to surrender before the lower court by January 6 failing which she could be arrested. The High Court judge observed that none of the grounds considered by the CBI special court was proper and tenable and described the bail order as arbitrary. He found that there was more than sufficient material available on record as to how Srilakshmi was associated with the grant of lease and issuing of GOs that ultimately favoured the OMC, ignoring vital conditions like the purpose of the lease being for ‘captive mining’ for the steel plant proposed to be set up by the OMC. As for BP Acharya, principal secretary (home), the CBI arrested him in the Emaar properties scandal on January 30. He is the fourth person to be arrested in the case. He was the managing director of the AP Industrial Infrastructure Corporation when the irregularities leading to dilution of APIIC's equity in a joint venture with Emaar Properties _ Emaar Hills Township Private Limited (EHTPL) _ took place. The irregularities involved preferential allotment of villa plots and siphoning of money. He is believed to have played a key role in the APIIC deal with Emaar Properties and the subsequent dilution of the government's stake in the project from 26 to about 6 per cent, thus causing a huge loss of revenue to the state exchequer.
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