Senior IAS officer B P Acharya, facing charges in Emaar case, is back in jail. The number one accused in Emaar scam has been on bail since March 16. The High Court has now struck down the bail granted by the CBI court.
The High Court’s decision came in a petition filed by the CBI against the Nampally court’s order, releasing Acharya.
Questioning the Nampally CBI court order granting bail to the accused, the High Court said his bail could potentially compromise the investigation process in the case, and directed Acharya to immediately surrender before the CBI.
Acharya was arrested by the CBI on January 30 in the Emaar properties scandal. Acharya was accused number one though he was the fourth person to be arrested in the case.
Acharya was the managing director of the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) when the irregularities leading to the dilution of APIIC’s equity in a joint venture with Emaar properties – the Emaar Hills Township Private Limited (EHTPL) – took place.
The irregularities involved the preferential allotment of villa plots and siphoning of money that should have accrued to EHTPL but instead went to Stylish Homes, an agency created as an agent to sell the prime plots.
Acharya had been questioned earlier on several occasions regarding the case. He is believed to have played a key role in the APIIC deal with Emaar Properties and the subsequent dilution of the government’s stake in the project from 25 to about six per cent thus causing a huge loss of revenue to the state exchequer.
