The CBI may question former chief minister K. Rosaiah and former adviser to the state government Dr. KVP Ramachandra Rao, besides YSR congress chief Mr YS Jaganmohan reddy as part of its probe against Emaar land scam.
The high court, while ordering the CBI to take up full-length investigation into the Emaar land scam, disclosed that some known and unknown public
servants had abused their official positions by corrupt and illegal means knowingly and intentionally thereby causing wrongful loss to the APIIC.
Inquiries revealed that the Group of Ministers led by Mr Rosaiah had recommended the reduction of the APIIC’s stake from 49 per cent to 26 per cent in the Hyderabad International Convention Centre and hotel project to be taken up by the Emaar.
While the Rosaiah committee was responsible for the reduction of APIIC’s stake, Dr. KVP Ramachandra Rao, his wife and his brother-in-law Mr K.Raghuramakrishnam Raju had bought plots at Rs. 5,000 per sq. yd from Emaar. CBI will find out if there was any undervaluation of the land deal.
Again, Mr Parthasaradhy, another brother-in-law of Dr KVP, was on the board of the Emaar Hills Township Limited and he along with the then APIIDC MD Mr. B.P. Acharya were party to the company’s decision to enter into the development-cum-general power of attorney agreement with Emaar MGF.
Neither the state government nor the APIIC Board was in the know of things of this general power of attorney agreement with Emaar MGF.
