The special CBI court on Thursday issued an arrest warrant against Emaar MGF Land Limited’s managing director Shravan Gupta in the ongoing case of alleged irregularities involving an integrated township project jointly promoted with the AP Industrial Infrastructure Corporation (APIIC).
The court orders came after the investigation agency sought non-bailable warrants (NBW) against Gupta while informing the judge that the accused had been evading interrogation.
The court issued these orders after taking cognizance of the supplementary chargesheet filed in this case by the CBI.
In the chargesheet, the CBI had alleged that Gupta was instrumental in creating paper companies for the purpose of blocking about 18 villa plots in the project with an intention to sell them at a premium, later.
The alleged irregularities include sale of villa plots at a fraction of the market rate and siphoning off the differential amount into other accounts, and unilateral dilution of the APIIC equity in the project. A senior IAS officer, a Hyderabad-based businessman and a couple of other accused were already kept in judicial custody in the case.
According to sources, the investigative agency is expected to issue lookout notices for Shravan Gupta.
