July 29, 2020

ED conducts searches at GVK Group in Hyderabad

[ by Legal Era News Network ]


The Enforcement Directorate (ED) has conducted searches in Hyderabad against the GVK Group in connection with the money laundering probe in the Mumbai International Airport Limited (MIAL) case.

The ED teams have been conducting searches at three locations in Hyderabad, apart from simultaneous searches at Mumbai and other places.

The ED had filed a money laundering case against the GVK Group, MIAL and others on July 12 to probe alleged irregularities to the tune of Rs. 705 crore in running the Mumbai airport.

The agency, which filed an enforcement case information report under the Prevention of Money Laundering Act, is probing if genuine funds were laundered to amass personal assets through illegal routing of funds.

Earlier this month, the Central Bureau of Investigation (CBI) had registered a case against GVK for the alleged siphoning of Rs. 705 crore from Mumbai International Airport Limited funds through bogus contracts, underreported revenues, misuse of reserves for the holding company; by allowing premium retail spaces to family and relatives at lower rates; by booking “exuberantly expensive” air and train travel for employees and those close to GVK Holdings.

It booked GVK Holdings, its founder Gunupati Venkata Krishna Reddy, his son Venkata Sanjay Reddy, Managing Director of MIAL along with eight other persons, including public servants of the Airport Authority of India (AAI) on charges of cheating and forgery.

MIAL is a joint venture under public-private partnership (PPP) between the GVK Airport Holdings Limited and AAI besides other investors.

Related Post

latest News

  • Central Government May Amend Law To Provide Relief To Mining Companies Affected By 2017 Supreme Court Order

    The central government plans to amend the mining law to provide relief to thousands of mining companies affected by a 2017 Supreme Court order which m...

    Read More
  • Mumbai Police EOW Arrests 3 Former Directors Of Punjab & Maharashtra Co-Operative Bank Ltd After Questioning

    The Economic Offences Wing (EOW) of the Mumbai Police arrested three former directors -- two of them women -- of the Punjab & Maharashtra Co-operative...

    Read More
  • Gujarat Public Works Contract Disputes Arbitration Tribunal has jurisdiction to make interim orders under Section 17 of the Arbitration and Conciliation Act: SC

    In this case, the question before the Supreme Court of India was whether the Gujarat Public Works Contract Disputes Arbitration Tribunal constituted u...

    Read More