Enforcement Directorate conducts raids on GVK group

The Enforcement Directorate (ED) is on Tuesday conducting searches in Hyderabad, Mumbai and other places connected to the GVK group’s chairman G Venkata Krishna Reddy and his son G Venkata Sanjay Reddy.

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

 

According to sources, the case of conspiracy and cheating was booked against nine



other companies along with the GVK Airport Holdings Limited and Mumbai International Airport Limited (MIAL) by the Mumbai unit of CBI for allegedly showing bogus bills.

Krishna Reddy is whole time Director of MIAL and Sanjay Reddy is the Managing Director.

The CBI, in its FIR, had said it was informed by reliable sources that the GVK group in connivance with other companies, allegedly committed fraud and caused heavy loses to the government exchequer.