EMAAR scam gets KVP into picture

The noose of the EMAAR Properties scam appears to be tightening around the neck of K V P Ramachandra Rao, Rajya Sabha member and close associate of the late Chief Minister Dr. Y S Rajasekhara Reddy. A J Jagannathan, who was the CEO of EMAAR Properties (PJSC) till 2005, has reportedly told the CBI that KVP knew about reduction of APIIC’s share and the resultant increase in the EMAAR Properties share in the International Convention Centre. It is learnt that the CBI has recorded Jagannathan’s statement.

It was at a meeting of Mohamed Ali Alabbar, Chairman of the EMAAR group, Stylish Homes MD Koneru Prasad, the then Chief Minister Dr. Y S Rajasekhara Reddy and the then Government adviser K V P Ramachandra Rao that a decision to reduce the share of APIIC in the Convention Centre from 49 to 26 percent and increase the share of EMAAR from 51 to 74 percent was taken, Jagannathan reportedly told the CBI. Jagannathan has also told the CBI that Alabbar has met YSR separately later, it was reported.

Meanwhile, Penna Cements’ representatives have appeared before the CBI on Tuesday. It is learnt that the investigating agency is probing into allegations that Penna Cements has invested money in Jagan’s companies in return for the lime stone mine lease they have got during the YSR regime. Aurobindo representatives have also appeared before the CBI on Tuesday.

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