APIIC-Emaar case: Venkata Vijay Raghav granted bail

A special CBI court in Hyderabad on Monday granted bail to Emaar MGF Finance Head (South) G Venkata Vijay Raghav in the case of alleged irregularities in APIIC-Emaar properties deal.

The Principal Special Court for CBI cases in Hyderabad allowed the bail plea of Raghav on the condition that he should surrender his passport and mark his presence by appearing before CBI officials daily.

He was further directed to deposit a personal bond of Rs one lakh and two sureties of like sum towards execution of the bail.

The court had, on September 12, dismissed Raghav's bail petition and directed the CBI to complete its investigation in the case at the earliest after which the central agency filed its final charge sheet on September 15, and estimated the loss to government on account of implementation of Emaar township project at Gachibowli in Hyderabad at Rs215 crore.

Raghav's counsel, in the bail petition which was filed last week, contended that CBI was unnecessarily opposing his client's bail application even after completing investigation and filing three charge-sheets.

The CBI had, however opposed Raghav's bail plea on the ground that the accused could influence witnesses if released on bail. The agency contended that the petitioner (Raghav) in conspiracy with other accused had sold villa plots in Emaar Hills Township Pvt Ltd (EHTPL), though there was no provision to sell plots, but to construct villas and sell them.

The CBI, in its first charge sheet filed on February 1 against suspended IAS officer BP Acharya, the prime accused in the case and others comprising individuals and private companies, had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli in Hyderabad.