Emmar Township scam-Koneru Rajendra Prasad under judicial custody
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The real Estate developer Koneru Rajendra Prasad is under the custody of CBI because of deceitful deals in Emaar Township. CBI produced Koneru in the special CBI Court after arresting him and he was sent to the judicial custody for 15 days. Koneru Rajendra Prasad was the former founder of Trimex Group and he was also the promoter of Stylish Homes Real Estate Limited. The Stylish Homes Real Estate Pvt Ltd was the main marketing agents for Emaar Properties which is now under the charges for selling the Villas and Plots for a very high price illegally.
Koneru was arrested for swindling, illegal plot; contravene of trust and fiddling of accounts in Emaar Township Project and also he was blamed for his intelligence in cheating Emaar Township where the plots were sold for Rs. 40,000 to Rs. 50,000 per square yard in Gachibowli of Hyderabad. The actual price in authorized records was showing the rate of Rs. 5,000 for per Square yard and thus causing loss to AP Industrial infrastructure Corporation which had fixed the land and also had an agreement for 26% of stakes with Emaar Properties to share their profits in selling the plots.
Source: NIMMA BENGALURU
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