A Case has been Registered Against G Venkata Krishna Reddy, the chairman of the GVK Group of Companies and the Mumbai International Airport Ltd for alleged irregularities to the tune of Rs 805 crore, sources told NDTV.
The case, filed by the Central Bureau of Investigation, also names officials of the Airport Authority of India and nine other private companies.
All have been accused of “causing wrongful gain of over 805 crore to themselves and causing a loss to the public exchequer between 2012-2018,” reads the First Information Report.
According to the FIR, a Joint Venture company named Mumbai International Airport Ltd or MIAL was formed by GVK Airport Holdings Ltd, Airport Authority India and few other foreign entities. The GVK owned 50.5 per cent of the shares and 26 per cent was with AAI.
GVK Reddy is the chairman of MIAL and GV Sanjay Reddy, who has also been named in the FIR, is the Managing Director of MIAL.
The Agreement signed between AAI and MIAL in 2006 stipulates that MIAL shall run the Mumbai airport and they will have to share 38.7 per cent of their revenue with the AAI as Annual Fees.