The Central Bureau of Investigation (CBI) had conducted search operations at around six locations in Mumbai and Hyderabad in connection with the alleged irregularities worth over Rs 800 crore in the development of Mumbai Airport, sources informed on Thursday.
According to CBI sources, searches were conducted at Mumbai International Airport Limited (MIAL) and other locations affiliated to GVK Group chairman Dr GVK Reddy on Wednesday.
The probe agency has also registered an FIR against Dr GVK Reddy, Mumbai International Airport, officials of Airport Authority of India and others over the alleged irregularities.
According to the CBI FIR, the accused were involved in siphoning off funds in the name of development of the Mumbai airport between 2012-2018.
"From 2012 onwards, the promoters of GVK Group with criminal intention to cause loss to AAI, used the surplus funds of MIAL to the tune of Rs 395 crore to finance their other group companies," the FIR said.
"They fraudulently created forged Board Meeting Resolution of MIAL authorising to keep the reserve surplus funds of MIAL as FDRs with PSU banks at Hyderabad. MIAL is a Mumbai-based company but they chose to deposit the funds in the form of FDRs with Hyderabad-based branch of Bank of India," it added.
The CBI has further claimed to have found that the GVK Group was involved in siphoning off funds by showing executions of bogus work contracts.
"Around 200 acres of undeveloped land parcel in Mumbai, around the Airport, was given by AAI for development and generating revenue. The MIAL entered into fake/bogus work contracts during 2017-2018 with many private limited companies, which were used for transferring the funds to them but these contracts have never been executed on ground and the transactions were only on papers," it said.
The FIR said Rs 310 crore was fraudulently siphoned off using this modus operandi, which resulted in a wrongful loss to AAI and corresponding wrongful gain to themselves.
"These nine companies have also availed fake Input Tax Credit (ITC) and caused further revenue loss to the government exchequer based on fake invoices issued," it said. (ANI)