ED raids on GVK Group in money laundering case

NEW DELHI: The ED on Tuesday launched multiple searches in connection with a money laundering probe against the GVK group, the Mumbai International Airport Limited (MIAL). It is probing alleged irregularities to the tune of Rs 705 crore in running the Mumbai airport. Raids were carried out at nine premises in Mumbai and Hyderabad under the provision of Prevention of Money Laundering Act (PMLA).

The ED and CBI case pertains to the alleged siphoning off Rs 705 crore from the funds of the MIAL, a joint venture under public-private partnership between GVK Airport Holdings Ltd and Airports Authority of India (AAI), besides other investors.

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