CBI raids liquor baron Vijay Mallya and his defunct Kingfisher Airlines
By Vaibhavi Pathak
| Saturday, October 10, 2015 - 18:04
NEW DELHI: The Central Bureau of Investigation (CBI) has been conducting raids on Vijay Mallya and his no longer existing Kingfisher Airlines, seeking inquiry into the ₹ 950 Cr IDBI Bank loan approval to the company.
CBI had warned IDBI Bank against providing loan to an already debt-ridden airline. Despite the warning, the Bank went ahead and extended the loan to the Airline.
The agency had registered a preliminary enquiry last year too, after the Bank officials failed to provide convincing reasons for agreeing to the loan, in spite of the warning given by CBI.
The crisis-ridden Kingfisher Airlines stopped functioning in October 2012.
An FIR has been registered regarding the loan fraud, which was declared a non-performing asset a few days back by the CBI.
Vijay Mallya will soon be questioned in the case.