HC asks CBI to submit note files on APIIC-Emaar

HYDERABAD: The High Court on Friday directed the CBI to submit the note files on allocation of land by the AP Industrial Infrastructure Corporation to Emaar Properties, and also on all other transactions between the two for verification by the court.Posting hearing on the bail application of Bibhu Prasad Acharya, suspended IAS officer and prime accused in the case, to next week, justice N.Ravi Shankar sought details of government’s permission to the CBI for prosecution of the prime accused.“When you (CBI) are opposing the bail, you must get the note files. You must explain with documents about the activities of the APIIC. I can’t pass any order without seeing these documents. What is your objection (to the bail) when a charge sheet was already filed before the CBI court? When the minister concerned and the chief minister are the final authority, why have you arrested Acharya? Is there any evidence with regard to money transfers involving Acharya?” the judge asked the CBI counsel.CBI’s counsel P Kesava Rao said that Acharya, while serving as vice-chairman and managing director of APIIC, was nominated by the government as director for three SPVs (Special Purpose Vehicles). Though there was no evidence of his involvement in money transfers, the accused had ignored to take action despite knowing about the irregularities in SPV proceedings and had failed to bring it to the government’s notice.Acharya’s counsel V Surender Rao said that his client had been in prison for the last three months. Besides, the government had not considered CBI’s application seeking permission to prosecute Acharya, he added.After hearing both the sides, the judge posted the matter to next week.On March 27 the High Court had cancelled Acharya’s bail granted by the CBI court, and directed him to surrender in the CBI court forthwith. Acharya applied for bail again but the CBI court dismissed his plea on April 26. Then Acharya approached the High Court again.