CBI has pegged the alleged irregularities at over Rs 705 crore in the Mumbai Airport scam
Mumbai: For their alleged involvement in Mumbai airport scam, the Central Bureau of Investigation (CBI), in a significant development, has booked Venkata Krishna Reddy Gunupati, chairman of the GVK Group of Companies, and his son G V Sanjay Reddy, managing director of Mumbai International Airport Limited (MIAL), among others. The CBI has pegged the alleged irregularities at over Rs 705 crore.
Besides the GVK group chairman and his son, the CBI has also booked managing directors of nine other private companies and unidentified officials of Airports Authority of India (AAI) on Wednesday.
The Airports Authority of India had formed a joint venture with GVK Airports Holdings Limited, 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, sources said.
It is also alleged that they siphoned of funds showing 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.