CBI books GVK chairman, son for siphoning off Rs 705 cr (Ld)

Mumbai, July 2 (IANS) Four days after registering a case against Gunupati Venkata Krishna Reddy, the chairman of the GVK Group of Companies and his son G.V. Sanjay Reddy, Managing Director of Mumbai International Airport Ltd. among others for alleged irregularities to the tune of Rs 705 crore in the running of the airport, the CBi carried out searches at multiple locations in Mumbai and Hyderabad, sources said on Thursday.

A CBI source connected to the probe told IANS, “Multiple teams of CBI carried out searches in Mumbai and Hyderabad on Wednesday in connection with the probe.” The source, however, said that the searches were not carried at the residential premises of the Reddys but at the premises of the companies named in the FIR.

The action comes in the wake of the FIR lodged by the CBI on June 27 against GVK Reddy, his son G.V. Sanjay Reddy among others for alleged irregularities to the tune of Rs 705 crore in the running of the airport.

According to the CBI, the Airport Authority of India (AAI) had formed a joint venture with GVK Airports Holdings Limited, promoted by the GVK group under public private partnership firm Mumbai International Airport Ltd. for upgradation and maintenance of Mumbai Airport. The FIR said that on April 4, 2006 the AAI entered into an agreement with MIAL for modernisation, upkeep, operation and maintenance of Mumbai airport. “It is alleged that the promoters of the GVK group in MIAL in connivance with their executives and unidentified officials of the AAI resorted to siphoning of funds using different ways,” the FIR said.

MIAL is a joint venture of the GVK Group, Airport Authority of India and a few foreign entities.



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