APIIC-Emaar Properties case: CBI questions ex-CEO of Emaar MGF Srikanth Joshi

Former Emaar MGF CEO Srikanth Joshi, an accused in the APIIC-Emaar Properties case related to irregularities in the development of a township, on Monday appeared before the Central Bureau of Investigation (CBI) and was questioned for nearly five hours.

Joshi is currently CEO of L&T Realty.

The special court dealing with the CBI cases on Feb 29 had directed Joshi to make himself available for the investigation agency for five days from March 5 to 9. The federal agency will question him between 9 a.m. to 5 p.m. every day.

The court had given the direction while adjourning the hearing the anticipatory bail petition of Joshi till March 14.

The CBI, which has already filed the chargesheet against Joshi and 12 others, gave an assurance to the court that it would not arrest Joshi at least till the disposal of his anticipatory bail petition.

The investigating agency has opposed his bail plea on the ground that he may influence the witnesses.

The case relates to alleged irregularities in the development of a township at Gacchibowli in Hyderabad by Emaar Properties and Andhra Pradesh Industrial Infrastructure Corporation (APIIC).

Dubai-based Emaar and its Indian associate companies allegedly in collusion with some bureaucrats diluted the equity of APIIC, causing huge losses to the state exchequer.

Joshi, as CEO of Emaar MGF, in 2007 had executed the development agreement-cum general power of attorney allegedly without the consent of APIIC, the joint venture partner in the project.

The CBI has alleged that he along with the other accused hatched a criminal conspiracy and committed irregularities. Joshi, however, has denied the allegations.

Source: http://articles.economictimes.indiatimes.com/2012-03-05/news/31124170_1_emaar-properties-cbi-cases-special-court