On the orders of the AP High Court following a petition filed by Congress MLA P Shankar Rao, the CBI filed an FIR on August 17, 2011, against BP Acharya, directors of Emaar Properties, Dubai, Emaar Hills Township Pvt Ltd, Emaar-MGF Land Pvt Ltd, directors of Stylish Homes real Estate Pvt Ltd, unknown public servants of AP government, and others and charged them with criminal conspiracy, cheating, criminal breach of trust, showing forged documents as genuine under the Prevention of Corruption Act.
The allegation is that BP Acharya and others named in the FIR entered into a criminal conspiracy to cheat APIIC during 2005-2010, and towards that end, Emaar Properties, Dubai, and Emaar Hills Township Pvt Ltd entered into an agreement with Stylish Homes to sell villa plots at pre-determined prices which was less than the market value and without the knowledge or consent of the APIIC board. Further, the CBI alleged that Emaar Hills Township assigned the rights of development to Emaar-MGF without in-principle approval of APIIC.
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