The Central Bureau of Investigation probing the Emaar scam has netted alumni of some of the top business schools in the country.

Those arrested and chargesheeted by the CBI include top executives of Emaar MGF who hold degrees from IIT-Delhi, IIM-Ahmedabad and Shri Ram College of Commerce, Delhi.

A senior police official said, “It’s not only IAS officials and businessmen, but also top executives, who are products of prominent business and technology institutes, who are also involved in these scams that involve economic fraud of this magnitude.”

Those named as accused by the CBI in the multi-crore Emaar-APIIC township scam so far are Emaar MGF CEO Srikanth Joshi, an alumnus of IIT-D and IIM-A, G.V. Vijay Ragha-van, a chartered accountant, and Shravan Gupta, an alumnus of the prestigious SRCC.

They are accused of cheating the state government and APIIC by conspiring with others in the sale of villa plots. Joshi did his B.Tech from IIT-Delhi in 1976-1981 and has a postgraduate diploma in business administration from IIM-Ahmedabad (1981-83).

The CBI chargesheet against him alleges that he was involved in several transactions where land was transferred to Emaar MGF from Boulder Hills Leisure Private Limited. He and Vijay Raghavan, finance head of Emaar MGF, were actively involved in selling the villa plots to buyers between 2008 and 2010 on behalf of Emaar MGF.

Joshi is chief executive of L&T Realty in Mumbai. He was formerly CEO of Emaar MGF (2006-08), CEO of MIC Electronics Ltd, and CEO (South) of Emaar MGF (2009-2011).