The Enforcement Directorate (ED) on Tuesday has launched several searches in connection with a money-laundering investigation against the GVK Group, Mumbai International Airport Limited (MIAL) and others and Rs 70 crore to investigate alleged irregularities in others. Business is going on Mumbai Airport, officials said.
He said that under the provision of the Prevention of Money Laundering Act (PMLA), raids are being conducted in nine campuses in Mumbai and Hyderabad.
He said that the campuses of GVK Group, MIAL and GVK Group promoters are being covered as part of the action.
The Central Investigation Agency, after studying a CBI FIR this month, has filed an information report (equivalent to a police FIR) of the enforcement case under PMLA.
The ED is investigating whether the actual money was looted by the accused to illegally collect personal property worth the money.
The ED and CBI case pertains to the alleged extortion of Rs 705 crore from a joint venture between Mumbai International Airport Limited (MIAL), GVK Airport Holdings Limited and Airports Authority of India under Public-Private Partnership (PPP). (AAI) inflated expenditure, under-reporting of revenue, among other investors, by racking up records among others.