HYDERABAD: The Central Bureau of Investigation Thursday arrested industrialist Koneru Prasad in the Emaar-APIIC township project scam.CBI Joint Director V.V. Lakshminrayana told reporters Thursday night that Prasad was arrested on charges of cheating and criminal conspiracy.Prasad, who was arrested soon after he was questioned again by CBI officials, would be produced before a court Friday.This was the first arrest made by CBI since registering the case against Dubai-based real estate firm Emaar and its Indian associates for cheating Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in the township project.The CBI official said Stylish Homes promoted by Prasad showed on paper the price of plots developed by Emaar MGF in the township as Rs.5,000 per square yard but sold it for higher price, thus cheating and causing huge losses to APIIC.The CBI had registered the case on Aug 17 on the direction of Andhra Pradesh High Court.The court passed the orders on a petition filed by state textiles minister Shankar Rao, who alleged that Emaar brought down the equity of APIIC in the joint venture.The state nodal agency, which allotted the prime land for the project at Gachibowli, had an equity of 26 percent in the joint venture.
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