CBI books GVK group chief, AAI officials for ‘corruption’

G V K  Reddy

New Delhi: The CBI registered a case against G V K  Reddy, promoter of GVK Group and full-time director of Mumbai International Airport Limited (MIAL), and 13 others for allegedly causing a huge loss to the exchequer.

According to reports, officials of the Airport Authority of India (AAI) are also under the scanner for allegedly turning a blind eye to the diversion of funds and other irregularities.

Officials of nine other private companies have also been booked. 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,’ according to the First Information Report.

The FIR said 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.

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.

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.


NT Bureau