On Mumbai Airport scam, CBI books GVK Chief's son for siphoning ₹705 cr
By MYBRANDBOOK
The CBI has booked the Chairman of the GVK Group of Companies, Venkata Krishna Reddy Gunupati, and his son G V Sanjay Reddy, Managing Director of Mumbai International Airport among others for alleged irregularities to the tune of Rs 705 crore in running of the airport.
Airport Authority of India had formed a Joint venture with GVK Airports Holdings, promoted by GVK group under public-private partnership firm Mumbai International Airport Ltd for upgradation and maintenance of Mumbai Airport.
On April 4, 2006 AAI entered into an agreement with MIAL for modernisation, upkeep, operation and maintenance of Mumbai Airport with MIAL. It is alleged that promoters of GVK group in MIAL in connivance with their executives and unidentified officials of AAI resorted to siphoning of funds using different ways. The agency has alleged that they siphoned funds showing the execution of bogus work contracts to nine companies in 2017-18 causing a loss of Rs 310 crore.
The promoters of GVK group allegedly misused reserve funds of MIAL to the tune of Rs 395 crore to finance their group companies, the CBI has alleged. The group inflated expenditure figures of MIAL by showing payments to employees at their headquarters and group companies who were not involved in the running of MIAL causing a revenue loss to AAI.
Other than GVK group chairman, the CBI has also booked his son GV Sanjay Reddy who is Managing Director of MIAL, companies MIAL, GVK Airport Holdings Ltd, nine other private companies and unidentified officials of AAI.
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
The latest version of X helps prevent deepfakes on social medi
To combat deepfakes and shallowfakes, Elon Musk revealed a new update t...
India and Namibia collaborate on a payment system similar to U
Once operational, the platform will enable digital transactions in Namibia,...
Sebi issues show-cause notices to six Adani group firms
Sebi issued show-cause notices to six Adani Group firms, including Adani ...
JUVAS SOLUTIONS PVT. LTD.
QUICK HEAL TECHNOLOGIES PVT. Ltd.
BHARAT ELECTRONICS LTD.
TAC SECURITY SOLUTIONS
Technology Icons Of India 2023: Shailender Kumar
Shailender Kumar is senior vice president and regional managing direct...
Technology Icons Of India 2023: Bharat Goenka
Bharat Goenka is the Managing Director of Tally Solutions. He is well ...
Technology Icons Of India 2023: Sridhar Vembu
Sridhar Vembu is an Indian billionaire business magnate and the Founde...
INDIANOIL helps reach precious petroleum fuels to every nook and corner of the country
IndianOil, a diversified, integrated energy major with presence in alm...
C-DOT enabling India in indigenous design, development and production of telecom technologies
An autonomous telecom R&D centre of Government of India, Center of Dev...
RailTel connecting every corner of India
RailTel is an ICT provider and one of the largest neutral telecom infr...
ACCERON INFOSOL PVT. LTD.
It is a leading value added distributor in the IT security space and h...
Crayon Software Experts India Pvt Ltd
Crayon helps its customers build the commercial and technical foundati...
TECHNOBIND SOLUTIONS PVT. LTD.
TechnoBind’s business model is focused on identifying and partnering...