Mallya’s loan default: ex-president of IDBI Bank among 9 detainees

New Delhi, Jan. 23 (PTI) The CBI today arrested a former president and four other ex-IDBI bank officials as well as four former Kingfisher Airlines executives in connection with Vijay Mallya’s default. Read also – The vaccination campaign will only be carried out for 3 hours in Mumbai today, according to BMC; Find the full list of centers here

CBI sources said the alleged mastermind of former deputy general manager BK Batra was arrested late at night and will be presented to a designated court in Mumbai tomorrow. Read also – From Mumbai and its monsoon

Those arrested include IDBI Bank Chairman Yogesh Aggarwal, former CFO of defunct Kingfisher Airlines A Raghunathan, they said. Read also – Porn clips appear on screen during online course at Mumbai College, FIR filed against disbelievers

Sources said three other former airline executives and three other former IDBI bank officials were also arrested.

Other former IDBI leaders arrested by the CBI included OV Bundellu, SKV Srinivasan and RS Sridhar, they said.

The sources said that in addition to the former chief financial officer of Kingfisher Airlines, three other former executives, Shailesh Borke, AC Shah and Amit Nadkarni, were also arrested.

The arrests were followed by searches of 11 locations, including Vijay Mallya’s residence here, three floors of the UB towers in Bengaluru, the residences of Aggarwal and Raghunathan, among others.

The arrests were made in several towns. While Raghunathan was arrested in Mumbai, Aggarwal was arrested in Gurgaon, the sources said.

CBI had filed a complaint against Mallya, director of the now defunct Kingfisher Airlines; the company; A Raghunathan, Chief Financial Officer of Airlines; and officials unknown to IDBI Bank.

The loan was reportedly sanctioned in violation of credit limit standards.

The sources said there was no need for the bank to take exposure outside of the consortium.

“It was a first exposure to the bank. There was no need for the bank to take exposure outside the consortium when other loans were already under stress, ”a senior CBI official said earlier, investigating the matter.

This is published unedited from the PTI feed.

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