The court also dismissed bail plea of Emaar MGF Finance Head (South) G Venkata Vijay Raghav, another accused in the Emaar scam, and directed the CBI to complete its investigation in the case at the earliest.
It was the third bail petition of the 1983-batch officer, who was the Andhra Pradesh Home Secretary when arrested by CBI on January 31. He is now in judicial custody.
Opposing the bail plea of Acharya, the CBI had last week sought 25 days time to complete probe in the Emaar township scam and filed its third charg sheet in the case.
The defence counsel seeking bail for Acharya had submitted before the court that his client had no role in sale of plot at higher prices.
"My client is in jail for the past 7 months and there was no wrongful gain to him and allegations were in the nature of omissions and commissions. The agreement related to the project has been signed before he joined APIIC," Acharya's counsel had earlier contended.
However, the CBI had argued that Acharya was part of the conspiracy and allowed the third party to get wrongful gain.
As per Vijay Raghav's bail plea, the CBI had opposed it saying that further investigation with regard to the end users of excess money was on.
CBI, in its chargesheet filed on February 1 against suspended IAS officer B P Acharya and others comprising individuals and private companies, had charged them under relevant sections of IPC and Prevention of Corruption Act in the alleged irregularities in land transfer and sale of villas and apartments in the township project at Gachibowli here. MORE
