Mumbai airport scam: ED searches GVK promoters' residences, offices
The Enforcement Directorate (ED) on Tuesday conducted extensive search operations at the residence and office premises of GVK group Chairman G V K Reddy and his son G V Sanjay Reddy in Mumbai and Hyderabad, in connection with the alleged Rs 705-crore Mumbai airport scam. The move follows the money laundering case registered against the promoters of the GVK group of companies, officials of Mumbai International Airport Ltd (MIAL), and a few other entities early this month. Confirming the development, an ED official said the searches are underway in about nine locations in Hyderabad and Mumbai, including some entry operators connected to the MIAL. ALSO READ: Bidvest moves Delhi HC against GVK, investors in airports holding firm ED had pressed Section 3 of the Prevention of Money Laundering Act (PMLA), which deals with concealing proceeds of a crime where the accused shall be guilty of money laundering. Read Complete Article