Stylish director to turn approver in Emaar scam

HYDERABAD: A key director of Stylish Homes Private Ltd has reportedly agreed to turn approver in the Emaar scam in which Koneru Prasad, managing director of the company, is an accused.T Ranga Rao, also known as Stylish Ranga Rao, is said to have spilled the beans on the murky ways by which highend villas in the Boulder Hills township built by a subsidiary of Emaar Properties were sold for an undisclosed premium, causing a loss to the project partner AP Industrial Infrastructure Corporation (APIIC).In another development in the case, CBI sleuths have questioned K Raghuram Krishnam Raju, a close relative of KVP Ramachandra Rao, MD of Megha Engineering and Infrastructure Ltd P V Krishna Reddy (popular as Megha Krishna Reddy), and former cricketer V Chamundeswarnath in connection with the scam. All three own plots in Boulder Hills.Sources disclosed to Express that CBI officials got a 'mine of information' from Stylish Ranga Rao with regard to the underinvoicing of villas. In fact, he is said to be a frequent visitor to the CBI's Hyderabad local office at Koti, spending several hours in debriefing by agency personnel. Interestingly, the CBI is said to be using him to round up villa buyers- who have so far been dodging scam investigators- for quizzing. Ranga Rao calls the buyers on his mobile phone and the moment the call goes through, CBI officials take over the phone and ask the buyer to present themselves before the agency.Initially, when the CBI probe into the Emaar scam commenced, Ranga Rao too reportedly tried to avoid CBI and even left the country once. But he returned later and is now with the CBI.Meanwhile, CBI officials led by joint director V V Lakshminarayana questioned KVP Ramachandra Rao's relative, K Ramakrishnam Raju, former Andhra Cricket Association secretary V Chamundeswarnath and Megha Krishna Reddy.All three are alleged to have purchased Boulder Hills villas at `5,000 per sq yard. Sources said this is the second time that Raju was questioned by the CBI and it is learnt that all three denied any wrongdoing.