Emaar case: Enforcement Directorate attaches Rs 96 crore under Prevention of Money Laundering Act
Hyderabad: The Enforcement Directorate has attached properties worth Rs 96 crore in the Emaar scam under the Prevention of Money Laundering Act. This is the second time that the directorate has attached properties of the accused involved in the Emaar Hills Township Pvt Ltd scam.
The properties attached are fixed deposits worth Rs 20 crore with Andhra Bank held by Southend Projects & Foundations Pvt Ltd, shares worth Rs 25.21 crore of Mr Indukuri Shyam Prasad Reddy of Indu Projects Limited, 36.14 acres of land worth Rs 12.83 crore at Bilkal and Mallikarjunagiri villages of Ranga Reddy district belonging to Mr Koneru Pradeep, son of Mr Koneru Rajendra Prasad, 14 unsold plots with EHTPL held by Stylish Homes worth Rs 1.02 crore, 2,057 sq. yard land in Gachibowli of Stylish Homes Real Estates Pvt Ltd worth Rs 1.2 crore, and 4.08 acre land at Nanakramguda worth of Rs 13.9 crore held by Emaar Hills.
Enforcement Directorate had attached properties valued at Rs 71 crore in 2012. In its chargesheet, the CBI had alleged that EHTPL and others had collected excess amounts from buyers, and apart from not mentioning it in their accounts, they had not shared the revenue with APIIC. The ED had registered the case and initiated investigation under the PMLA against EHTPL, Mr Koneru Rajendra Prasad, former director of EHTPL, Mr T. Ranga Rao of Stylish Homes and Mr N. Sunil Reddy, former director of Southend Projects Pvt Ltd.
