HYDERABAD: Funds have flown into the firm of N Sunil Reddy, accused No 7 in the Emaar case, from 11 companies which are not existing now.This was found during the investigation by the CBI into the role of Sunil Reddy in the case. Sunil Reddy is a close aide of Kadapa MP YS Jaganmohan Reddy.In its supplementary chargesheet, a copy of which is available with the Express, the CBI said Sunil Reddy, along with his father N Sangi Reddy, floated Sunil Projects & Foundations Pvt Ltd in 2005 and the name of the company was later changed to Southend Projects & Foundations Pvt Ltd. “In order to ascertain the flow of funds from the companies to the accounts of Southend Projects efforts were made to examine the bona fides of the directors/shareholders of the companies. However, their whereabouts (except for Etread.com) could not be ascertained,’’ the CBI said.With the address provided with the registrar of companies, an inquiry was conducted and it was found that the companies did not exist at those addresses and no trade licences were obtained by some of them. “This shows the firms were floated only for transfer of funds. An amount of `45.21 crore was transferred from the 11 companies to Southend Projects during 2009-2010,” CBI said.
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