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The Enforcement Directorate (ED) of India on Tuesday has filed a money laundering case against the GVK group, the Mumbai International Airport Limited (MIAL) and others to probe alleged irregularities to the tune of Rs 705 crore in running the Mumbai International Airport.
The ED has filed an enforcement case information report under the Prevention of Money Laundering Act after studying a recent FIR (First Information Report) filed by the Central Bureau of Investigation (CBI) against the same entities.
Officials aware of this matter said that the ED will probe if genuine funds were laundered to amass personal assets by the illegal routing of funds.
As per information revealed from the sources, the CBI case pertains to the alleged siphoning off Rs 705 crore from the funds of the Mumbai International Airport Limited (MIAL) which is a joint venture under public-private partnership (PPP) between the GVK Airport Holdings Limited and the Airports Authority of India (AAI) besides other investors, by showing inflated expenditure, under-reporting of revenues, fudging of records among others.
In the first week of this month, CBI officials have booked Venkata Krishna Reddy Gunupati, the chairman of the GVK Group of Companies, his son G V Sanjay Reddy, Managing Director of Mumbai International Airport Limited (MIAL), a director in MIAL, the companies MIAL, GVK Airport Holdings Limited (a GVK group company) and nine other private companies allegedly used to camouflage the inflated figures through sham deals and unidentified AAI officials, reported Outlook India.
The Airport Authority of India (AAI) on 4th April 2006 entered into an agreement with MIAL for the modernization, upkeep, operation, and maintenance of the Mumbai International Airport.
According to CBI officials, it is alleged that the promoters of the GVK group in MIAL, in connivance with their executives and unidentified AAI officials, resorted to siphoning off funds using different ways. The CBI officials had also carried out raids in Mumbai and Hyderabad offices of GVR Group after filing its FIR.
The post Money laundering case filed against GVK Group and MIAL in Mumbai appeared first on Urban Transport News.
This article first appeared on www.urbantransportnews.com
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