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Monday, January 18, 2021
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Mumbai Airport scam: CBI books GVK chief, son for siphoning ₹705 cr from Mumbai Int’l Airport

CBI has booked GVK Group Chairman GVK Reddy and his son GV Sanjay Reddy for allegedly siphoning off ₹705 crore from Mumbai International Airport (MIAL). GVK Airport Holdings has a majority 50.5% stake in MIAL.

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 up-gradation and maintenance of Mumbai Airport.

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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.

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 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.

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