Vijay Mallya and his company Kingfisher Airlines were found as loan defaulters in a special Central Bureau of Investigation court in Mumbai on Tuesday. CBI produced nine people who were previously arrested in the case and asked for judicial custody. According to reports based on sources, on Monday CBI arrested former IDBI chairman, Yogesh Aggarwal in Vijay Mallya loan default case. Also, eight executives of Kingfisher Airlines and three more former executives by IDBI Bank were also arrested by CBI.
The CBI has alleged that former IDBI chairman approved loans to Mallya’s Kingfiser Airlines which were allegedly sanctioned in violation of norms regarding credit limits. He also instructed to expedite the ratings which finalising loans to Kingfisher Airlines. CBI has also arrested former CFO of now-defunct Kingfisher Airlines A Raghunathan, former CFO of now-defunct Kingfisher Airlines. Raghunathan was arrested in Mumbai, Aggarwal was taken into custody from Gurgaon. Other IDBI bank executives, O V Bundellu, S K V Srinivasan and R S Sridhar while the three former executives of Kingfisher Airlines arrested are Shailesh Borke, A C Shah and Amit Nadkarni, were also arrested.
On Monday a team of CBI officials raided the offices of United Breweries Group in Bengaluru which is facing the process of recovery of Rs 6,203 crore from banks related to the Kingfisher Airlines case. The arrests were made after raids at 11 places including Mallya’s residence, three floors of UB towers and residences of A Raghunathan and Yogesh Aggarwal. Confirming the development, UB Group said: “A CBI team visited the UB Group offices in Bangalore today and we are fully cooperation with them,” a UB group spokesperson said.
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United Breweries’ core business includes beverages, aviation and investments in various sectors. The company owns various other brands of alcoholic beverages and markets beer under the Kingfisher brand. The company chairman, Mallya, left India on March 2 last year, allegedly to escape legal action by banks to whom he owes some Rs 9,00 crore in loans.