Complaint against GVK Group chairman and his son for embezzling Rs 705 crore

New Delhi, July 2, 2020, Thursday

The CBI has registered a complaint against GVK Group chairman GVK Reddy and his son Sanjay Reddy for Rs 705 crore scam.

Apart from Reddy, the CBI has also filed a case against officials of Mumbai International Airport Limited and other companies along with the Airports Authority of India.

All of them have been charged with damaging the exchequer and embezzling Rs 705 crore between 2012 and 2018. The GVK group, in collaboration with the Airports Authority of India and other foreign companies, set up a company called Mumbai International Airport. The stake is over 50 per cent.

The CBI alleges that from 2012 to 2018, the GVK Group diverted the surplus funds from Mumbai International Airport to its other companies. The amount was estimated to be Rs 395 crore.