Netizens react to the fraud by GVK Group of Companies and Mumbai International Airport Ltd.

Chayanika Roy
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A case has been registered against the chairman of the GVK Group of Companies, G. Venkata Krishna Reddy and the Mumbai International Airport Ltd for alleged irregularities to the tune of Rs 705 crore.

Along with registering cases against GVK Group of Companies and Mumbai International Airport Ltd, the CBI has also registered a case against officials of the Airport Authority of India and nine other private companies accusing them of causing wrongful gain of over Rs. 705 crores and causing a loss to the public exchequer between 2012-2018.

The agency alleged that "the promoters of the GVK Group of Companies with criminal intention to cause loss to AAI, used the surplus funds of MIAL to the tune of 395 crores to finance their other group companies between 2012 and 2018". "The promoters of the GVK Group of Companies in MIAL have embezzled more than 100 crores of the joint venture company by resorting to inflating the expenditure of MIAL," the FIR read.

"The wrongful gain to the accused, mainly the promoters of GVK Group of Companies works out to be around Rs 805 crore as per the complaint. But the investigation has revealed that these accused have also under-reported the revenue of MIAL during the same period. If added, the total loss to the public exchequer will be more than Rs 1,000 crore," sources in the CBI told NDTV.

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