CBI Books GVK Chairman For Rs 705 Cr Scam

July 02, 2020 17:08
CBI Books GVK Chairman For Rs 705 Cr Scam

(Image source from: Indiatoday.in)

CBI Books GVK Chairman For Rs 705 Cr Scam:- The Central Bureau of Investigation (CBI) registered a case against GVK Group Chairman and his son for misusing the funds that are allocated for the development of Mumbai airport. A case of criminal conspiracy and fraud are registered. Several funds are allocated for the modernization, upgradation and maintenance of Mumbai Airport. GVK group chairman GVK Reddy and his son Sanjay Reddy along with others have been booked by the CBI. The case has been registered four days ago and the searches are carried out in multiple locations in Hyderabad and Mumbai. The total misused funds are said to be Rs 705 crores.

Airport Authority of India Ltd had formed a Joint venture with GVK Airports Holdings Limited under a public and private partnership. AAI entered into an agreement with MIAL for the modernization and maintenance of Mumbai Airport. The funds have been diverted by GVK Group through bogus work contracts to nine companies causing a loss of Rs 310 crores. The reserve funds of Rs 395 crores are misused by GVK Group and they have been used to finance their companies said CBI. Apart from GVK Reddy and his son Sanjay Reddy, 12 others have been booked in the case by CBI.

Multiple teams conducted raids on the offices and premises of GVK yesterday. They are not done in the residences owned by GVK's family.

(Video Source: TV9 Telugu Live)

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