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.

(To view our epaper please click here. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Free Press Journal