ED attaches Emaar assets worth Rs 71 cr

The case was taken up last year by CBI,which recently filed a charge-sheet against then Andhra Pradesh principal secretary B P Acharya,who is under arrest,and Emaar and its officials under sections of cheating,criminal conspiracy and prevention of corruption act.

ED took over the probe under PMLA and established illegal acquisition of the proceeds to the tune of Rs 71.27 crore. It is alleged that Emaar in collusion with Acharya commercially exploited the integrated project and earned huge unaccounted revenue,depriving the Andhra Pradesh Industrial Infrastructure Corporation of its share.

As per the ED attachment order issued under sections of 5 (1) of PMLA,“34 villa plots constructed by Emaar at Boulder Hills in Hyderabad were attached”. Their estimated value was said to be Rs 65 crore. “A land measuring 4.86 acre at Kalkaji in New Delhi owned by Eternal Buildtech Pvt Ltd (a 100 per cent subsidiary of Emaar MGF Land Ltd) was also attached,” the order said. The value of the land is estimated to be around Rs 5 crore,said officials.

They said that more attachment orders will be finalised soon.

When contacted,an Emaar MGF spokesperson refused to elaborate and said,“We have not received any notice from the ED.”

Investigators said in 2002 Acharya,who was the then MD of APIIC,entered into an MoU with Emaar Properties,Dubai as a developer with profit sharing of 26:74 respectively. The project was aimed to develop an international integrated project — with a convention centre,a star hotel,multi-use zone comprising villas and commercial space and a golf course.