Hyderabad: LB Nagar police on Thursday arrested Gokaraju Subba Raju, Chairman and Managing Director of South India Research Institute (SIRI) for his links with the former LB Nagar sub registrar, T. Ramesh Chander Reddy, who was arrested on Wednesday.
Police said that Subba Raju has executed a sale deed for 10,950 square yards of land to ten private persons in connivance with sub registrar Ramesh Chander while he was posted in LB Nagar.
The land located near National Highway No 9 in LB Nagar had a market value of Rs 35,000 per sq yard but Ramesh Chander, without considering the existing market value, adopted the market value at Rs 13,000 per yard, causing a loss of around Rs1.5 crore to the government.
He was booked under Sections 420, 120 B and 409 of IPC and section 82 of Indian Registration Act and was arrested on Thursday. He was sent to judicial remand.
