1. Kingfisher Airlines diverted Rs 254 cr of IDBI loan for ‘personal use’: CBI chargesheet

Kingfisher Airlines diverted Rs 254 cr of IDBI loan for ‘personal use’: CBI chargesheet

Central Bureau of Investigation (CBI) allegedly shows how the corporate loan taken by Vijay Mallya led Kingfisher Airlines was diverted and that too for 'personal' use.

By: | Updated: January 24, 2017 7:57 PM
Vijay Mallya, Kingfisher, kingfisher Airlines,SK Srinivasan, IDBI, RS Sridhar, Sardar Patel Marg residence, CBI, Yogesh Aggarwal CBI allegedly shows how the corporate loan taken by Vijay Mallya led Kingfisher Airlines was diverted and that too for ‘personal’ use.(Reuters)

Yet another revelation by the Central Bureau of Investigation (CBI) allegedly shows how the corporate loan taken by Vijay Mallya led Kingfisher Airlines was diverted and that too for ‘personal’ use. This has been revealed in a chargesheet filed by the CBI today. CBI had filed the chargesheet in the loan default case against ex-IDBI Bank chairman and 8 others, including Vijay Mallya and some Kingfisher employees. CBI had indicated to court that it is seeking judicial custody of all the accused. All those who have been detained were sent to judicial custody today till February 7.

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The CBI had on Monday arrested the former chairman of the IDBI Bank Yogesh Aggarwal. Aggarwal along with some of his then colleagues were arrested by the CBI as they were holding important positions at IDBI when it cleared a loan of Rs 900 crore to Kingfisher Airlines.  Other IDBI officials include former deputy MD OV Bundelu, former IDBI executive director SK Srinivasan and former IDBI general manager RS Sridhar. BK Batra, deputy managing director was also taken into custody.

On Kingfisher Airlines side, CBI arrested three former executives and CFO A Raghunathan. Others were assistant vice-president Shailesh Borkar, the senior manager (accounts) AC Shah and then deputy general manager (finance) Amit Nadkarni. That it was not sparing the men on top was made clear by the CBI when it said that it had also carried out raids at Vijay Mallya’s Sardar Patel Marg residence in Delhi.

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