Mumbai, July 2: Central Bureau of Investigation (CBI) registered an FIR against Dr GVK Reddy, Chairman of GVK Group, Mumbai International Airport, officials of Airport Authority of India and others, for alleged irregularities worth more than Rs 800 crores for development of Mumbai Airport.
The agency has named a total of 13 persons and companies as accused as well as unknown public servants, according to reports. GVK Gets Rs 7,614 Crore Investment From Foreign Investors for Airport Development
Mumbai, July 2: Central Bureau of Investigation (CBI) registered an FIR against Dr GVK Reddy, Chairman of GVK Group, Mumbai International Airport, officials of Airport Authority of India and others, for alleged irregularities worth more than Rs 800 crores for development of Mumbai Airport.
The agency has named a total of 13 persons and companies as accused as well as unknown public servants, according to reports. GVK Gets Rs 7,614 Crore Investment From Foreign Investors for Airport Development
CBI Registers FIR Against Chairman of GVK Group & Others:
Central Bureau of Investigation (CBI) registers FIR against Dr. GVK Reddy, Chairman of GVK Group, Mumbai International Airport, officials of Airport Authority of India and others, for alleged irregularities worth more than Rs. 800 crores for development of Mumbai Airport. pic.twitter.com/RDM9xNiSQL
— ANI (@ANI) July 2, 2020
MIAL is a joint venture between AAI (Airports Authority of India), GVK and foreign entities. In 2006, AAI entered an agreement for modernisation and up-gradation, operation and maintenance of Mumbai airport as part of a joint venture called –MIAL.
According to the agreement, the revenue share has to be given first to AAI and then the balance earnings of MIAL to be used for modernisation and other maintenance work. In the CBI FIR, it has been alleged that GVK group connived with their family members, relatives and employees to give undue monetary advantage to them and thus it lead to an unlawful loss to AAI.
GVK reportedly assigned the premium retail areas of Mumbai airport to their family members at exorbitantly low rates thereby reducing the revenue of MIAL. The GVK group reportedly even used funds of MIAL by entering into agreements with a company that were owned by family members, relatives, employees to book train, air travel tickets and hotel booking for personal as well as group employees of GVK who were not connected to MIAL.
(With additional inputs from PTI)
(The above story first appeared on LatestLY on Jul 02, 2020 08:57 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
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