GVK Group chairman is accused of generating fake work contracts, siphoning funds meant airport development. FMTNews GVKGroup MumbaiInternationalAirport Fraud
MUMBAI: India’s federal police have filed a criminal complaint against the chairman of conglomerate GVK Group and others for alleged fraud in the development of Mumbai’s international airport that resulted in the government losing more than US$92 million.
The Central Bureau of Investigation late on Wednesday released a complaint alleging that GVK’s chairman, Gunupati Venkata Krishna Reddy, “connived” with his son and some AAI officials to siphon off funds meant for the development of the airport, one of country’s busiest.Shares in the group’s flagship company, GVK Power & Infrastructure, were down 4.5% at 8.10am on Thursday.
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