The special court for CBI cases on Monday granted pardon to Stylish Homes director T. Ranga Rao, an accused in the Emaar land scam case. Mr Ranga Rao was granted pardon on the condition that he stick by his statement of giving his full cooperation to the CBI in probing the case, and was warned by the court that he would face trial along with the other accused if he failed to stick by that statement.
Mr Ranga Rao said Stylish Holmes was set up in 2004 at the behest of industrialist Koneru Prasad, another accused in the case. Stylish Homes had entered into an agreement in 2005 with Emaar Hills Township Pvt Ltd, a joint venture vehicle of Emaar and APIIC, which said 30 villa plots were to be sold within six months from the sale of the first plot, while another 100 villa plots were to be sold at a rate of 5,000 per square yard.
Mr Ranga Rao stated that as demand for the villas increased, Mr Prasad revised the excess amount to be collected from and that 105 plots were sold to 102 buyers. Mr Prasad had also asked Stylish Homes not to maintain any record of cash transactions, and had divided the money collected from buyers between Sunil Reddy, a close aide of Y.S. Jagan Mohan Reddy, and himself.
Mr Ranga Rao said his agency only collected a commission of 4 per cent from the sale of each plot, and said he was under the impression that Emaar officials were aware of Mr Prasad’s instructions.
Opposing the pardon petition, Mr G.V. Vijay Raghav and Mr Sunil Reddy claimed it was a quid pro quo arrangement between the CBI and Mr Ranga Rao.