InvestorQ : Why has the ED raided the offices of GVK group across India?
Debbie Mascarenhas made post

Why has the ED raided the offices of GVK group across India?

Answer
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Crowny Pinto answered.
3 months ago


The Enforcement Directorate raided multiple locations of the GVK group of Hyderabad in connection with a money laundering case involving Mumbai International Airport Limited or MIAL. Irregularities are alleged to the tune of Rs.705 crore. Raids were carried out at 9 locations in Mumbai and Hyderabad under the PMLA.

ED is probing if company funds were laundered to amass personal assets by illegally routing funds. The laundering was allegedly done by showing inflated expenditure and under-reporting of revenues. A clutch of 9 private companies were allegedly used to camouflage inflated figures through sham deals. Fund were used to finance group companies.