Rs 900 crore IDBI bank loan case: Mallya charged with cheating, conspiracy

Written by:
Subscribe to Oneindia News

Liquor baron Vijay Mallya has been accused of conspiracy and cheating in the Rs 900 crore loan default case. The Central Bureau of Investigation in its chargesheet has accused Mallya of conspiracy and cheating. The cas relates to a Rs 900 crore loan given by the IDBI bank in 2009.

The CBI said that rules were bent while granting the loan. The money was given in two tranches. One loan was in fact passed on a Sunday, keeping the bank open. Out of this, Rs 250 crore was meant to buy aircraft parts and this was diverted outside the country, the agency said. Most of it ended up in the United Kingdom, where Mallya is currently residing.

Liquor baron Vijay Mallya.

On Monday, the CBI had arrested former chairman of IDBI Bank Yogesh Aggarwal and 7 others. A case was registered against Mallya and others alleging that the IDBI bank had extended loans worth Rs 900 crore to the airlines at a point when Kingfisher Airlines had negative credit ratings.

Earlier, a 12-member team inspected documents at the offices of the UB Group. The CBI said that documents pertaining to the Rs 900 crore loan taken from the IDBI was under their scanner.

The bank had given out a loan despite knowing that the Kingfisher Airlines was making loss. The CBI while examining the documents found that money had been coming into the company despite it stating it was making a loss.

OneIndia News

Please Wait while comments are loading...