CBI books GVK Group chairman, son for siphoning off Rs 705 cr from MIAL
PTI, Jul 2, 2020, 12:45 PM IST
Credit: GVK official website
New Delhi: The CBI has booked Venkata Krishna Reddy Gunupati, the chairman of the GVK Group of Companies and his son G V Sanjay Reddy, Managing Director of Mumbai International Airport Ltd among others for alleged irregularities to the tune of Rs 705 crore in running of the airport, officials said on Wednesday.
Airport Authority of India Ltd had formed a Joint venture with GVK Airports Holdings Limited, promoted by GVK group under public private partnership firm Mumbai International Airport Ltd for upgradation and maintenance of Mumbai Airport.
On April 4, 2006 AAI entered into an agreement with MIAL for modernisation, upkeep, operation and maintenance of Mumbai airport with MIAL.
It is alleged that promoters of GVK group in MIAL in connivance with their executives and unidentified officials of AAI resorted to siphoning of funds using different ways, officials said. The agency has alleged that they siphoned funds showing execution of bogus work contracts to nine companies in 2017-18 causing a loss of Rs 310 crore, they said.
The promoters of GVK group allegedly misused reserve funds of MIAL to the tune of Rs 395 crore to finance their group companies, the CBI has alleged.
The agency has alleged that the group inflated expenditure figures of MIAL by showing payments to employees at their headquarters and group companies who were not involved in the running of MIAL causing a revenue loss to AAI, they said.
The promoters allegedly under reported revenue earnings of MIAL by entering into contracts with related parties and meeting their personal and family expenses using MIAL funds, they said. Besides GVK group chairman, the CBI has also booked his son GV Sanjay Reddy who is Managing Director of MIAL, companies MIAL, GVK Airport Holdings Ltd, nine other private companies and unidentified officials of AAI, they said.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
FPIs make remarkable comeback; infuse Rs 2 lakh cr in equities in FY24
PM cautions ‘significant risk of misuse’ of AI and other powerful tech in unskilled, untrained hands
RBI announces MPC schedule for FY25, first rates decision on April 5
Seven out of ten Indian shoppers say they would happily receive product deliveries without additional packaging
Renault Nissan to launch four new products, expand product portfolio
MUST WATCH
Latest Additions
BJP indulging in tax terrorism; exemplary action will be taken after change of govt: Rahul Gandhi
Block it out, it’s all irrelevant: Smith on Hardik facing boos
JD(S) announces candidates for Lok Sabha elections
NIA announces Rs 10 lakh reward each on two accused wanted in Rameshwaram Cafe blast case
BJP files EC complaint against Siddaramaiah’s son over abusive language against Modi, Shah