The CBI has booked Venkata Krishna Reddy Gunupati, chairman of the GVK Group of Companies and his son G V Sanjay Reddy

New Delhi: The CBI has booked Venkata Krishna Reddy Gunupati, chairman of the GVK Group of Companies and his son G V Sanjay Reddy, Managing Director of Mumbai International Airport Ltd, among others for alleged irregularities to the tune of Rs 705 crore in running of the airport, officials said.

PhotoAirports Authority of India (AAI) Ltd had formed a Joint Venture with GVK Airports Holdings Limited, promoted by GVK group under public private partnership firm Mumbai International Airport Ltd (MIAL) for upgradation and maintenance of Mumbai Airport.

On April 4, 2006 AAI entered into an agreement with MIAL for modernisation, upkeep, operation and maintenance of Mumbai airport.

It is alleged that promoters of GVK group in MIAL in connivance with their executives and unidentified officials of AAI resorted to siphoning off funds using different ways, officials said.

PhotoThe agency has alleged that they siphoned off funds showing execution of bogus work contracts to nine companies in 2017-18 causing a loss of Rs 310 crore.

The promoters of GVK group allegedly misused reserve funds of MIAL to the tune of Rs 395 crore to finance their group companies, the CBI has alleged.

Besides GVK group chairman, the CBI has also booked his son GV Sanjay Reddy who is Managing Director of MIAL, companies MIAL, GVK Airport Holdings Ltd, nine other private companies and unidentified officials of AAI, they said.