Emaar fund flow route identified

Apr 28, 2012 - U. SUDHAKAR REDDY |

Hyderabad

Tags:

Y.S. Jagan Mohan Reddy

The CBI has identified the fund flow from non-existing companies into Y.S. Jagan Mohan Reddy's aide Sunil Reddy's company in the Emaar township scam case.

Investigations revealed that Southend Projects and Foundations received funds from bogus companies in 2009-10.

CBI identified the companies as Amygdale Infotech at Yousufguda, Aramid Textiles at Him-ayatnagar, Bluesky Ente-rprises of Himayatnagar, Chakri Industries of Kukatpally, Megallan Ent-erprises of Durganagar, Punvaravasu Enterprises of Jubilee Hills, Etread.com Limited of Himayatnagar, Bloomery Steel Industries of Bengaluru, Prashima Textiles of Chennai, Invar Steels of Chennai, and Scanners Systems & Technology of Bengaluru The CBI said in its chargesheet that except Etread.com, none of the other companies exist in the addresses furnished with the RoC.

Investigations revealed that no trade licenses were issued for the companies and they were only floated for the purpose of transfer of funds.

An amount of Rs 45.21 crore was transferred from 11 companies to the accounts of Southend projects.

Meanwhile, the CBO alleged that Shravan Gupta along with the other accused Vijay Raghav and Srikanth Joshi misappropriated funds from the sale of 13 villa plots.

The CBI also alleged that Emaar MGF defaulted in payment of `48 crore to EHTPL, the joint venture company of AIIC.

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