Hyd business magnate GVK Reddy booked by CBI!

Noted business magnate from Hyderabad, Gunupati Venkata Krishna Reddy, popularly known as GVK Reddy, who owns a chain of star hotels, power plants, shopping malls, airports in Hyderabad and elsewhere in India, was booked by CBI along with his son GV Sanjay Reddy.

GVK Reddy is the chairman of GVK Group of Companies and his son Sanjay Reddy is the managing director of Mumbai International Airport Ltd, which is promoted by GVK Group.

Airport Authority of India and GVK Group jointly developed the Mumbai International Airport.

CBI booked GVK Reddy and Sanjay Reddy on charges of siphoning of Rs 750 crore funds meant for development of airport through fraudulent means.

The CBI accused both of them of executing bogus contracts, inflating bills and siphoned off funds.