ED Raids Multiple Premises In GVK Group Money Laundering Case

HYDERABAD: The Enforcement Directorate (ED) has launched searches at nine premises in Hyderabad, Bangalore, Mumbai and other places in connection with the money laundering case against GVK Group.

ED has booked the case in the wake of another case booked by the Central Bureau of Investigation (CBI) against the GVK group on charges of siphoning off Rs 705 crore meant for the development of the Mumbai International Airport.

The CBI has filed a case of conspiracy and cheating against nine other companies along with the GVK Group and Mumbai International Airport (MIAL).

The CBI, in its FIR, said that the GVK group in connivance with other companies allegedly committed fraud and caused heavy losses to the government exchequer.

The CBI case pertains to the alleged siphoning off Rs 705 crore from the funds of the Mumbai International Airport Limited (MIAL), a joint venture under public-private partnership (PPP) between the GVK Airport Holdings Limited and the Airports Authority of India (AAI), besides other investors, by showing inflated expenditure, under-reporting of revenues, fudging of records among others.