CBI FILES A CHARGESHEET AGAINST SEVEN ACCUSED PERSONS INCLUDING TWO SENIOR OFFICERS, GOVT. OF ANDHRA PRADESH AND FIVE REAL ESTATE COMPANIES IN CONNECTION WITH SALE OF VILLAS ETC. IN INTEGRATED PROJECT, HYDERABAD

Press Release
New Delhi , 01.02.2012

            The Central Bureau of Investigation today filed a chargesheet against seven accused persons and five private companies before the Special Judge for CBI Cases, Hyderabad U/s 120-B, 420, 109, 409, 477-A of IPC and Sec.13(2) r/w 13(1)(c) & (d) and Sec.15 of Prevention of Corruption Act, 1988 in connection with the alleged irregularities in the sale of Villas, Plots, Flats in the Integrated Project, Manikonda, Hyderabad. The accused named in chargesheet are the then Vice Chairman & Managing Director of Andhra Pradesh Industrial Infrastructure Corporation(Now Principal Home Secretary, Andhra Pradesh); the then Secretary(Industry), Andhra Pradesh(Now Retired); the then Vice Chairman & MD of APIIC(Now Executive Officer, TTD, Andhra Pradesh); four private persons; and five Dubai & Hyderabad-based Real Estate Private Companies. 286 witnesses have been cited in the charge sheet and 1834 documents have been filed along with the charge sheet.

 

            The investigation revealed that the the accused hatched conspiracy during the period 2002 and 2010 to defraud the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) and thereby Government of Andhra Pradesh, in the matter of sale of Villa Plots, Apartments and other ventures pertaining to the Integrated Project. In pursuance of the conspiracy, the public servants had abused their respective official positions & facilitated the private Real Estate Companies to sell the Villas, Plots at exorbitant rates to the buyers, remitting only the documented sale consideration to a Hyderabad based Real Estate Company, and allegedly swindling away with the unaccounted extra sale consideration received in cash. The accused public servants were also instrumental in fixing the lease rentals detrimental to the interest of APIIC. The Villas, Plots were sold contrary to the objectives of the Integrated Project originally mooted by Govt. of Andhra Pradesh.

 

            Three private persons have acted as conduits to collect excess sale considerations from the Villas, Plot buyers and the unaccounted money was not reflected in the books of accounts of the Dubai & Hyderabad-based Real Estate Firms. Hence, the same could not be shared with APIIC which had 26% stake in the project.

 

            Further investigation is in progress. The role of other accused persons is being investigated.

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