Emaar MGF Land managing director Shravan Gupta was questioned for the second consecutive day on Saturday by the CBI to probe his role in the Emaar land scam.
Gupta was directed by the court to appear before the investigation agency from August 24 to September 6.
The CBI wants to know how the entire township project was usurped by Emaar MGF Land from Emaar Hills Township Private Limited.
In its investigation, the CBI also found that Gupta floated 10 companies (three at Ernakulam and seven at New Delhi) with employees of Emaar MGF Limited as directors/shareholders and acquired plots in their names.
In the names of these 10 companies, 18 villa plots were blocked at Rs 5,000 per square yard.
The same were later sold at a higher price, CBI said.
Emaar MGF was also found to have sold another 16 villa plots at a higher rate but in the accounts book the amount shown was just Rs 5,000 a yard.
“The balance amount collected in cash was misappropriated and we want to question Shravan Gupta about the money,’’ officials said.
The agency will also be probing various other aspects of the scam including the conspiracies hatched by the several accused in the case.
According to the CBI, the APIIC incurred a loss of Rs 43.50 crore due to the scam and a huge wrongful gain was accrued to the accused persons. The end use of money was also being probed by the agency and questioning Gupta would throw some light on it, CBI officials said.
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