News By/Courtesy: Amaruvi Vijay Sudharshan | 03 Jul 2020 10:39am IST

HIGHLIGHTS

  • The Central Bureau of Investigation also known as the CBI has conducted search operations in Mumbai and Hyderabad
  • The allegeded irregularities are worth about 800 crores
  • An FIR has been registered against GVK Reddy, the officials of Airports Authority of India and the Mumbai International Airport Limited

The Central Bureau of Investigation also known as the CBI has conducted search operations in Mumbai and Hyderabad. The search operations have been conducted in six places. The alleged irregularities are worth about 800 crores.

The search was conducted in MIAL which is the Mumbai International Airport Limited and in the locations affiliated to the GVK group head GVK Reddy on Wednesday.

An FIR has been registered against GVK Reddy, the officials of the Airports Authority of India, and the Mumbai International Airport Limited.

According to the CBI, the funds meant for the construction and development of the airport, have been siphoned off, between the years of 2012-2018.

The CBI has booked Gunupati, a director of MIAL and his son Sanjay Reddy. GVK Airport Holdings, MIAL, and up to nine other companies camouflaged the inflated figures through shady deals and unidentified AAI officials. The CBI operation was conducted in the morning and it pushed past the evening.

Mumbai International Airport Limited is a joint venture under PPP (Public Private Partnership) between the Airports Authority of India and the GVK Airport Holdings Limited. Inflated expenditure and under-reporting of revenues and the fudging of records were the main points in the scam that ensued.

On April 4, 2006, GVK Group’s promoters and unidentified officials of the AAI, colluded to siphon off the funds using various means.

Fake work contracts were shown to the tune of 395 crores. This has caused a great revenue loss to the AAI.

200 acres of undeveloped land around the airport was given to by the Airports Authority of India, for generating revenue and also for development. The fake contracts which were entered into by MIAL were never executed, instead, the money went off to the nine companies. These nine companies have availed fake ITC (Input Tax Credit) and have caused loss to the government and the people due to the fake invoices issued.

MIAL, however, said that it was surprised by the case registered against it. It also said that it would provide all assistance necessary if a preliminary inquiry had been initiated.

"MIAL is surprised to note the registration of a case by CBI against MIAL and others. MIAL would have provided every assistance had the agency sought explanation or any document even if a preliminary inquiry had been initiated," a spokesperson for MIAL said.

THIS ARTICLE DOES NOT INTEND TO HURT THE SENTIMENTS OF ANY INDIVIDUAL, COMMUNITY, SECT, OR RELIGION ETCETERA. THIS ARTICLE IS BASED PURELY ON THE AUTHOR'S PERSONAL VIEWS AND OPINIONS IN THE EXERCISE OF THE FUNDAMENTAL RIGHT GUARANTEED UNDER ARTICLE 19(1)(A) AND OTHER RELATED LAWS BEING FORCE IN INDIA, FOR THE TIME BEING.

Section Editor: Pushpit Singh | 03 Jul 2020 11:10am IST


Tags : Scam

Latest News







Copyright Kalyan Krishna MediaZ Private Limited. All rights reserved. Unless otherwise indicated, all materials on these pages are copyrighted by Kalyan Krishna MediaZ Private Limited. All rights reserved. No part of these pages, either text or image may be used for any purpose. By continuing past this page, you agree to our Terms of Service, Cookie Policy, Privacy Policy and Content Policies.