The Central Bureau of Investigation (CBI) Monday arrested Andhra
Pradesh Home Secretary B.P. Acharya for alleged corruption in the
Emaar-APIIC township case here.
Acharya was arrested by the CBI officials in the afternoon after
they questioned him since morning at Dilkusha guest house, the
camp office of the investigating agency.
The senior Indian Administrative Service (IAS) officer was vice
chairman and managing director of the Andhra Pradesh Industrial
Infrastructure Corporation (APIIC) when its equity was reduced in
a joint venture with Dubai-based real estate major Emaar, causing
huge losses to the state exchequer. Acharya is presently the
principal secretary (home).
Acharya has been arrested on charges of cheating, criminal
conspiracy, criminal breach of trust under various sections of
Indian Penal Code and also under Prevention of Corruption Act, CBI
The CBI will present him in the special court dealing with the CBI
cases. He is the fourth accused to be arrested in Emaar case and
the second IAS official held on charges of corruption.
IAS official Y. Srilakshmi was last month arrested in an illegal
mining case involving former Karnataka minister G. Janardhana
Acharya, who was MD of APIIC between 2005 and 2009, allegedly
colluded with Emaar and its Indian associates to bring down
APIIC's equity in the Emaar Hills Township Private Ltd (EHTPL)
from 26 percent to six percent.
EHTPL, the joint venture company of Emaar and APIIC, was formed to
build a township at Gachibowli in Hyderabad. APPIC had allotted
535 acres prime land for the upscale township.
Acharya and others allegedly diluted APIIC's equity without
approval from APIIC board.
The CBI Saturday arrested G.G.V. Vijay Raghav, Chief Financial
Officer, EHTPL. Earlier, Sunil Reddy, a businessman and an aide of
YSR Congress party chief Y.S. Jaganmohan Reddy, was arrested.
Koneru Prasad, an industrialist, was arrested by the CBI in
November last year. His Stylish Home, which acted as marketing
agency of EHTPL, allegedly siphoned off huge money by selling
villas to politicians, businessmen and film personalities at much
higher rate than shown on paper.