On Mumbai Airport scam, CBI books GVK Chief's son for siphoning ₹705 cr
By MYBRANDBOOK
The CBI has booked the Chairman of the GVK Group of Companies, Venkata Krishna Reddy Gunupati, and his son G V Sanjay Reddy, Managing Director of Mumbai International Airport among others for alleged irregularities to the tune of Rs 705 crore in running of the airport.
Airport Authority of India had formed a Joint venture with GVK Airports Holdings, 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. The agency has alleged that they siphoned funds showing the execution of bogus work contracts to nine companies in 2017-18 causing a loss of Rs 310 crore.
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 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.
Other than 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.
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