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CBI arrests former IDBI Chairman in Kingfisher Airlines loan default case

india-banking-aviation-mallya-crime-files_84560fc4-e18c-11e6-9d7d-d507b5492481 (1)The Central Bureau of Investigation has arrested the former Chairman and 3 senior executives of the Industrial Development Bank of India (IDBI) and 4 senior executives of the now defunct Kingfisher Airlines (KFA). Those who have been arrested include the former Chief Financial Officer (CFO) of KFA, A Raghunathan, former chairman of IDBI Yogesh Aggarwal. The arrests were done after CBI sleuths conducted raids at 11 different places that included the offices of United Breweries in Bengaluru, Vijay Mallya’s residence in New Delhi, the residence of Raghunathan and the residence of Yogesh Aggarwal.

The CBI has registeres cases against Vijay Mallya and the other accused under sections of the Prevention of Corruption Act and various other sections of the Indian Penal Code. IDBI had extended loans worth Rs 900 crores to KFA when it actually had a very bad financial health and negative credit rating. The Enforcement Directorate (ED) has also launched a probe under the Prevention of Money Laundering Act.

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