Hyderabad: TTD chairman Y.V. Subba Reddy has urged Telangana High Court to quash the case against him in the FIR registered by the CBI, in relation to Y.S. Jagan Mohan Reddy’s disproportionate assets case. He was arraigned as accused in the CBI charge-sheet pertaining to Andhra Pradesh Housing Board land allocations to Indu Projects, which is owned by Indu Shyam Prasad Reddy.
It is said that Shyam Prasad Reddy was allotted 70 acres of land by APHB
spread over Hyderabad during the regime of Y.S. Rajashekar Reddy. The lands
were allotted to villas, medium and lower income group houses, medium range
houses and others. Though Indu Projects allegedly did not have the
eligibility, Shyam Prasad Reddy used Krishna Prasad’s Vasantha Projects as a
special purpose vehicle (SPV) to get the projects.
Further, Vasanth Projects allegedly transferred its share in the Gachibowli
site to Subba Reddy. Alleging that this transfer was quid pro quo to another
housing project allotment to the Vasanth Projects in Kukatpally, the CBI
registered the case against Subba Reddy.
Refuting the contentions of the CBI, Subba Reddy’s counsel Vivek Reddy
argued that the CBI had registered the case against his client because he
was co- brother of Rajasekhar Reddy.
Vivek Reddy argued that Vasanth Projects had sold its share as they found it
unviable to continue as the project was halted due to various reasons.
The case was adjourned to September 8.
