The CBI is likely to interrogate the congress MP Mr KVP Ramachandra Rao in the APIIC-Emaar land scam. Mr KVP ruled roost in the ruling establishment between 2004 and 2009 by virtue of his closeness to the late CM YSR.

Emaar Properties PJSC Dubai CEO AJ Jagannathan in his statement to the CBI said that Mr KVP and Koneru Prasad were present when the crucial decision to reduce APIIC’s equity in the HICC convention centre project was taken by the late CM YSR, according to sources. Based on this, the CBI is likely to question KVP and notices will be issued to him shortly.

Jagannathan said that he along with Emaar chairman Mohammed Alabbar met the late CM YSR in the presence of both KVP and Koneru Prasad. “The decision to reduce the stake of APIIC in the HICC from 49 to 26 percent and increase the Emaar stake from 51 per cent to 74 per cent was taken in that meeting only,” he reportedly told the CBI.

The government faced criticism from all quarters for offloading the stake in the HICC and subsequently in the township project resulting in heavy financial loss to the state government.

Mr Jagannathan also said that Mr Alabbar met the CM alone after the meeting and he didn’t know what transpired.