Weeks after the Central Bureau of Investigation had probed into the allegation against GVK Groups over misusing reserve funds of MIAL to the tune of Rs 800 crores, sleuths of Enforcement Directorate (ED) on Tuesday conducted searches at Mumbai and Hyderabad offices of GVK Group of Companies.
According to the reports, a team from ED Mumbai is being assisted by officials from the Hyderabad branch while the searches were going on in Mumbai offices as well. It can be noted that the ED had earlier registered ECIR against the chairman of GVK Group of Companies and the managing director of Mumbai International Airport Limited (MIAL) in connection with the case.
The agency further alleged that the GVK group inflated expenditure figures of the Mumbai airport, causing a revenue loss to the Airports Authority of India. While MIAL is a joint venture of the GVK Group, Airport Authority of India and a few foreign entities, GVK owned 50.5 per cent of the shares and 26 per cent was with Airport Authority of India.
While irregularities to the tune of Rs 805 crores was unearthed in the investigation, CBI registered a case under forgery and cheating against 9 other companies for their connivance under section 120 B, 420, 467, 468, 471 of IPC and 13 (2) r/w 13 (1) (d) of Prevention of Corruption Act.