Acharya gets bail in APIIC EMAAR case

March 16, 2012 16:45
Acharya gets bail in APIIC EMAAR case

The Suspended IAS officer B P Acharya gets bail from the CBI court in Nampally in the APIIC EMAAR case, today in the afternoon. The delay by the centre to sanction prosecution of the officer as appealed by the CBI, plays a vital role in getting the bail for the officer. The officer was lodged in the Chenchaguda prison since his arrest on January 30. Just a day prior to his arrest the CBI filed its chargesheet in the EMAAR case.  The hard work of the CBI was let down by the centre’s delay in sanctioning the required permission.

Justice B. Nagamaruthi Sarma announced that he was taking cognizance of the charge-sheet only on Friday and that with the CBI failing to secure sanction from the Government of India to prosecute Mr. Acharya, he could not extend his judicial remand further. The bail was granted to the officer on a personal bond of Rs 25,000 and two sureties of same amount.

Mr Acharya was the was Vice-Chairman and Managing Director of A. P. Industrial Infrastructure Corporation (APIIC) from 2005 to 2010, the time when the EMAAR case dates back. As per the case the Corporation allotted 535 acres to the EMAAR township, which was later sold as plots at very menial costs to the proposed residents. The CBI also investigated that in reality the plots were sold at much higher rates.  (With inputs from internet- AarKay)

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