CBI on saturday Seized the Liqueur King Vijay Mallya’s house for being accused as defaulter of 900 crore rupees loan from IDBI bank.Central bureauof Investigation searched Mallaya’s Residence and Offices at Mumbai, Goa, Bangalore and other places. CBI stated that a case was registered against Mr.Vijay Mallya, the director of Defunct Kingfisher Airlines, A Raghunathan, chief financial officer of the airline, and unknown officials of IDBI Bank. The case is reported to be funding of loan against the credit limits which violated the Norms and policies.
The CBI sources said an FIR into the alleged violations was registered recently as part of its wide probe into criminal aspects of loans declared to be non-performing assets (NPAs) by public sector banks. Mr. Mallya is soon to be called for examination with hi connection to the case. Also the bank will have to explain why they sanctioned the loan to the airlines ignoring its own internal report which has warned against such a move. Kingfisher, the debt-laden airlines is said to have outstanding of 7000 crores with 17 banks, amongst whom SBI having the highest exposure of Rs 1,600 crore.
A CBI spokesperson said in New Delhi that a case of criminal conspiracy under IPC section 120-B, along with criminal breach of trust provisions of the Prevention of Corruption Act, was filed in the matter.
Another Spokes person reported that the IDBI bank officials Colluded with Promoters/Directors of the Airlines and approved loanof 900 crores (approx) which they knew was more than the credit limit of the company.
Mallya’s Airlines has been shut don since October 2012,