EMAAR case investigated by the Central Bureau of Investigation (CBI) took a different turn today with an accused as listed by the CBI, N Sunil Reddy withdrawing his bail plea. Sunil had made his bail plea in the High Court, after the CBI filed its charge-sheet.  Sunil is listed as the `carrier’ of the case. As a `carrier’ he is alleged to have collected the amounts from various sources and used to launder the funds at the behest of the controllers. CBI felt that most issues could be solved by his arrest. But CBI are yet to gain more evidence on the amount of fraud taken place in the deal. Meanwhile CBI has informed the High Court that Sunil was responsible for diversion of funds and that one of his accounts in Axis Bank itself has diverted funds to the tune of Rs 8 Cr.

Earlier CBI informed the high court that N Sunil Reddy, played a crucial role in diverting Rs 96 Cr collected through villa sales in excess of the official price and that there was evidence to show that he funneled Rs 51 Cr of this into his South End Projects company through 10 fictitious companies. The 10 companies were untraceable at the addresses mentioned in the records and that all of them were floated just before these deposits were made and closed after the transaction. Even the management of South End was taken over by one Manohar Reddy immediately after the CBI began its probe into the EMAAR scandal.