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Enforcement Directorate registers money laundering case against GVK, MIAL | Business – Times of India Videos

Jul 07, 2020, 07:05PM ISTSource: TOI.in

The Enforcement Directorate (ED) registered a money laundering case against GVK Group promoters, along with others in connection with fraudulent transaction between Mumbai International Airport Ltd (MIAL) and other companies for development of Mumbai airport. The ED will investigate the financial transaction between MIAL and other companies. It has registered money laundering case, based on the CBI’s (Central Bureau of Investigation) case against the GVK group along with others for fraudulent dealing that caused Rs 705 crore loss to the public exchequer during the period 2012-2018. MIAL is a joint venture company formed in April 2006, where GVK Airport Holdings has 50.5% shareholding, AAI 26%, and the rest is with foreign entities. MIAL was given the task of operational management and maintenance of city airport.

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