#crore mumbai international airport scam

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PwCA to call it quits as GVKPIL auditors, allege non-cooperation by co & management - Times of India

PwCA to call it quits as GVKPIL auditors, allege non-cooperation by co & management – Times of India

>Source Times of India

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PwCA to call it quits as GVKPIL auditors, allege non-cooperation by co & management - Times of India

PwCA to call it quits as GVKPIL auditors, allege non-cooperation by co & management – Times of India

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HYDERABAD: Price Waterhouse Chartered Accountants LLP (PwCA), the statutory auditors of beleaguered Hyderabad-based infrastructure player GVK Power & Infrastructure Ltd (GVKPIL), have communicated their intention to resign as auditors citing the failure of the company and its management to submit the requisite information to them for preparing the audit of the financial statements for…

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ED searches at GVK group's Hyd properties over Rs 705 cr Mumbai airport scam Raid Already, the Central Bureau of Investigation has also registered a case against GVK group for allegedly siphoning off Rs 705 crore from Mumbai International Airport Limited funds.

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Mumbai airport scam: ED searches GVK promoters' residences, offices

The Enforcement Directorate (ED) on Tuesday led broad pursuit tasks at the living arrangement and office premises of GVK bunch Chairman G V K Reddy and his child G V Sanjay Reddy in Mumbai and Hyderabad, regarding the supposed Rs 705-crore Mumbai air terminal trick.

The move follows the tax evasion argument enrolled against the advertisers of the GVK gathering of organizations, authorities of Mumbai International Airport Ltd (MIAL), and a couple of different substances early this month.

Affirming the turn of events, an ED official said the pursuits are in progress in around nine areas in Hyderabad and Mumbai, including some passage administrators associated with the MIAL.

ED had squeezed Section 3 of the Prevention of Money Laundering Act (PMLA), which manages covering continues of a wrongdoing where the blamed will be liable for illegal tax avoidance.

The ED activity follows the criminal case enrolled by the Central Bureau of Investigation (CBI) on June 27 against Reddys and others. The case likewise incorporates the names of certain Airports Authority of India (AAI) authorities and nine other private firms.

The case is identified with charges of abnormalities adding up to Rs 705 crore in creating Mumbai Airport. The analytical organization claimed that the cash was redirected by the denounced, making a misfortune the exchequer somewhere in the range of 2012 and 2018.

Sources in the ED showed that the individuals associated with the case would be gathered and tested in the coming weeks.

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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.

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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.

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ED files money laundering case against GVK group, MIAL in Mumbai airport scam case

ED files money laundering case against GVK group, MIAL in Mumbai airport scam case

The Enforcement Directorate (ED) has filed a money laundering case against the GVK group, the Mumbai International Airport Limited (MIAL) and others to probe alleged irregularities to the tune of ₹ 705 crore in running the Mumbai airport, officials said on Tuesday.

The central probe agency has filed an enforcement case information report (equivalent of a police FIR) under the Prevention of…

[dailynewsupdatesindia]

Surprised but will cooperate: Mumbai International Airport Ltd on Rs 805 crore scam The Central Bureau of Investigation has filed an FIR against G Venkata Krishna Reddy, Chairman of the GVK Group of Companies, GV Sanjay Reddy, Managing Director of the Mumbai International Airport Limited, officials of the Airport Authority of India and nine other private firms on the allegations of irregularities to the tune of Rs 805 crore…

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GVK Group Chairman Reddy Gunupati, His Son & Airport Authority Booked by CBI for Rs 705 Crore Mumbai Itn'l Airport Scam

GVK Group Chairman Reddy Gunupati, His Son & Airport Authority Booked by CBI for Rs 705 Crore Mumbai Itn’l Airport Scam

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Chhatrapati Shivaji International Airport in Mumbai. (Image: Reuters)

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

News18.com Mumbai

Last Updated: July 2, 2020, 9:15 AM IST

Venkata Krishna Reddy Gunupati, the chairman of…

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CBI Case Against GVK Group, Airports Authority Over Mumbai Airport Scam The Mumbai Airport scam involves allegedly irregularities to the tune of Rs 805 crore Mumbai: A case has been registered against G Venkata Krishna Reddy, the chairman of the GVK Group of Companies and the Mumbai International Airport Ltd for alleged irregularities to the tune of Rs 805 crore, sources told NDTV.

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Yes Bank: Yes Bank scam: CBI carries out searches at 7 locations in Mumbai; LOC issued

NEW DELHI: The CBI carried out searches at seven locations in Mumbai on Monday in connection with the Yes Bank scam pertaining to the Rs 600 crore alleged bribe to its co-founder Rana Kapoor’s family by scam-hit DHFL and issued a look out circular against the accused to prevent their escape, officials said.

The CBI has named five companies and seven individuals including Kapoor, his wife Bindu and daughters Roshini, Raakhe and Radha as accused in its FIR.

Dewan Housing Finance Corporation Limited (DHFL) and RKW Developers Private Limited and their then directors Kapil Wadhawan and Dheeraj Wadhawan, respectively also figure as accused in the FIR.

DoIt Urban Ventures controlled by the Kapoor family, RAB Enterprises (lndia) Private Limited in which Bindu Rana Kapoor was director and Morgan Credits Private Ltd in which Rana Kapoor’s daughters were directors are also named as accused.

While 10 teams of the agency were involved in the search operation spread across swanky south Mumbai neighbourhood, the agency issued Look Out Circular against all the seven accused –Kapoors and Wadhawans — named in the FIR.

A look out circular (LOC) alerts immigration staff at all the ports of entry and exit to prevent the accused from moving out of the country.

The Enforcement Directorate (ED), which arrested Kapoor, had already got LOC issued on the basis of which Roshini was stopped for leaving for London at the Chhatrapati Shivaji Maharaj International Airport, Mumbai.

The searches took place at the lavish apartment of Kapoor in the famous Samudra Mahal building in Worli, besides residences of his daughters Raakhe and Radha in the up-market NCPA complex, Nariman point, besides Wadhawan’s home at Sea View, Palace Hills, the officials said.

The offices of DHFL, DoIT Ventures and RKW developers were also searched, they said.

The agency has alleged that Kapoor, 62, entered into a criminal conspiracy with Kapil Wadhawan, DHFL director-promoter for round-tripping of funds where loans from Yes Bank to DHFL landed in companies owned by Rana Kapoor’s daughters, DoIT Urban Ventures (India) Pvt Ltd, the officials said.

The agency has alleged that between April and June, 2018, Yes Bank invested Rs 3,700 crore in short-term debentures of Dewan Housing Finance Corporation Ltd (DHFL), they said.

Yes Bank also sanctioned a loan of Rs 750 crore to RKW Developers Pvt Ltd whose director is Dheeraj Wadhawan and is a DHFL group company for their Bandra reclamation project, the officials said.

The amount was transferred to by RKW Developers to DHFL without investing anything in the project for which it was sanctioned, they said.

In return for these Yes Bank funds, Wadhawan allegedly invested Rs 600 crore in a company of Kapoor’s daughters — DoIt Urban Ventures (India) Pvt Ltd, which the CBI alleges to be a bribe to Kapoor for Yes Bank investments.

DHFL is alleged to have siphoned off Rs 31,000 crore out of total bank loans of Rs 97,000 crore using a web of multiple shell companies.

The Reserve Bank of India (RBI) on Thursday imposed a moratorium on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account, and superseded the board of the private sector lender with immediate effect.

Yes Bank will not be able to grant or renew any loan or advance, make any investment, incur any liability or agree to disburse any payment.

As per the RBI’s draft reconstruction scheme, State Bank of India will pick up 49 per cent stake in the crisis-ridden Yes Bank under a government-approved bailout plan.

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Mumbai airport scam: ED searches GVK promoters' residences, offices

ED investigators are at nine areas in Mumbai, Hyderabad

CURRENT AFFAIRS NEWS: The Enforcement Directorate (ED) on Tuesday led broad hunt tasks at the home and office premises of GVK bunch Chairman G V K Reddy and his child G V Sanjay Reddy in Mumbai and Hyderabad, regarding the supposed Rs 705-crore Mumbai air terminal trick.

The move follows the illegal tax avoidance body of evidence enrolled against the advertisers of the GVK gathering of organizations, authorities of Mumbai International Airport Ltd (MIAL), and a couple of different substances early this month.

Affirming the turn of events, an ED official said the quests are in progress in around nine areas in Hyderabad and Mumbai, including some passage administrators associated with the MIAL.

ED had squeezed Section 3 of the Prevention of Money Laundering Act (PMLA), which manages hiding continues of wrongdoing where the blamed will be blameworthy for tax evasion.

The ED activity follows the criminal case enlisted by the Central Bureau of Investigation (CBI) on June 27 against Reddys and others. The case additionally incorporates the names of certain Airports Authority of India (AAI) authorities and nine other private firms.

The case is identified with claims of inconsistencies adding up to Rs 705 crore in creating Mumbai Airport. The analytical organization affirmed that the cash was redirected by the charge, making a misfortune the exchequer somewhere in the range of 2012 and 2018.

Sources in the ED showed that the individuals associated with the case would be called and tested in the coming weeks.

READ MORE: MUMBAI AIRPORT SCAM

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ED files charges against GVK group, promoters for Mumbai airport 'scam'

The Enforcement Directorate (ED) on Tuesday pressed money laundering charges against the promoters of the GVK group of companies, officials of Mumbai International Airport Ltd (MIAL) and few other entities in connection with Rs 705 crore Mumbai Airport scam.

Confirming the development, an ED official said that the Enforcement Case Information Report (ECIR), which is equivalent to a police first information report, was filed by agency under Section 3 of Prevention of Money Laundering Act (PMLA). Section 3 deals with concealment of proceeds of crime where the accused shall be guilty of money laundering.

The ED action follows the criminal case registered by Central Bureau of Investigation (CBI) on July 27 against GVK Group Chairman Sanjay Reddy and MIAL Managing Director GV Sanjay Reddy. The ECIR also includes the names of some Airports Authority of India (AAI) officials and nine other private firms. Read More

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CBI registers case against GVK Group and Airport Authority in Mumbai Airport scam case

CBI registers case against GVK Group and Airport Authority in Mumbai Airport scam case

A lawsuit has been filed against them for alleged irregularities of Rs 805 crore.

new Delhi:

A lawsuit has been filed against GVK Group of Companies chairman G Venkata Krishna Reddy and Mumbai International Airport Limited for alleged irregularities of Rs 805 crore. Sources gave this information to NDTV.

The officers of the Airport Authority of India and nine other private companies are also…

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Yes Bank Founder Rana Kapoor Arrested | News Cover

News Cover: Yes Bank is in a very big financial crisis. Last week the RBI imposed a withdrawal limit of Rs 50,000 for a month. This was due to all the bad loans given by the bank. 

     Yes Bank Founder Rana Kapoor has been questioned by the Enforcement Directorate (ED) for more than 20 hours. Friday night the ED raided Kapoor’s house. The ED officials said that Kapoor was involved in a money laundering racket where he set up 20 shell companies. 

    There were many companies that wanted loans. A prominent company such DHFL gave a Rs 600 crore kickback to kapoor's wife, through one of the shell companies. After this Yes Bank gave them a loan of Rs 4,450 crore. 

Read More: Bollywood Cancels Many Films Due to Coronavirus | News Cover

     Giving out loans like this is completely illegal. The ED even raided the houses of his three daughters. Officials say that the entire family is involved in this scam. Kapoor has been arrested by the ED. Kapoor's daughter Roshini Kapoor was leaving for London yesterday at the Mumbai International Airport. However she was stopped from leaving the country. 

           The State Bank of India is now trying different options to save the Yes Bank. 

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