GVK Group of Companies Registered for Siphoning Billions of Rupees from Mumbai International Airport - VRGyani News

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Monday, July 6, 2020

GVK Group of Companies Registered for Siphoning Billions of Rupees from Mumbai International Airport



The Central Bureau of Investigation (CBI) has registered a case against G Venkata Krishna Reddy, the chairperson of the GVK Group of Companies, for allegedly siphoning off over Rs 700 crore from the Mumbai International Airport.

The registered case also has name of his son and MD of Mumbai Airport GV Sanjay Reddy along with nine other private companies and unidentified officials of the AAI Airports Authority of India. Central Bureau of Investigation (CBI) has alleged that they have siphoned off Rs 310 crore by showing execution of bogus contracts with nine other private companies.

The promoters of GVK Group of companies have misused reserve funds of Chhatrapati Shivaji Maharaj International Airport that amounts to Rs 395 crore and this money has been used to finance their group companies. Promoters inflated the expenditure figures in books of the Mumbai Airport by showing salary payments to numerous employees at their Parent Company and other group companies who were not involved in the running of the airport operations. This has caused major revenue loss to the Airports Authority of India (AAI).

The Chhatrapati Shivaji Maharaj International Airport is a joint venture between AAI and the GVK Airports Holdings Limited and a few other foreign entities. GVK owns 50.5% of the shares and 26% was with AAI, according to sources.

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