HYDERABAD: The CBI has drawn heavily from P Shankar Rao's letter to the High Court Chief Justice on November 22 last year and the report of vigilance and enforcement department which inquired into APIIC-EMAAR deals while filing FIR against the then APICC managing director BP Acharya (now principal secretary for home) and Emaar Properties.The CBI drew conclusion from the two documents that the then APIIC managing director officials "criminally conspired" with Emaar Properties and its sister concerns Emaar Hill Township and Emaar-MGF to cause wrongful loss to APIIC.It narrated how the APIIC had entered into an agreement with Emaar Properties and how the latter had reduced APIIC's stake to 6.5 pc "causing huge financial loss" to APIIC. The FIR suspected that the ‘dramatis personae' were Acharya and APIIC director Parthasarathy Rao (brother-in-law of KVP Ramachandra Rao). The suspected "criminal conspiracy" was allegedly done under the directions of KVP Ramachandra Rao and YS Jagan Mohan Reddy.APIIC and Emaar Properties floated Emaar Hill Township Ltd in 2003 to develop and lease 535 acres of land at Gachibowli here in the ratio of 74:26.The FIR said that in 2006, Emaar, the partner of EHPTL, without the knowledge of APIIC and in violation of the agreement, partnered with Emaar-MGF to develop the same piece of land in the ratio of 75:25. As a result, APIIC's stake fell to 6.5 pc which benefited Emaar by Rs 2,500 crore.These decisions were taken by APIIC board on its own without government's backing. Emaar-MGF converted the entire land as Emaar-MGF Land Development Project and acquired the rights to sell it though it was understood initially that it would develop only 285 acres. Emaar-MGF sold plots for villas at Rs 5,000 a yard and more when the registration value was Rs 12,000 and the market rate Rs 60,000. It is alleged that Emaar-MGF collected another Rs 25,000 a yard from the buyers at the time of selling the plots for 134 villas and sold 36 acres.They collected official sale proceeds of Rs 85.77 crore and an unaccounted money of Rs 450 crore which is alleged to have been siphoned off.The FIR said Acharya, as vice-chairman and later as chairman and managing director of APIIC "willfully" did not bring these facts to the notice of the APIIC board and made APIIC and the state government suffer huge financial losses. Though Acharya was aware of the dishonest intentions of Emaar-MGF selling the villa plots and induction of Emaar-MGF as a co-developer without the approval of APIIC, he did not bring these facts to the notice of APIIC, the FIR said.
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