Kingfisher loan case: ED summons former IDBI chairman

New Delhi, Mar 15: The Enforcement Directorate is all set to question several executives of the IDBI bank in connection with the Kingfisher case.

The ED has also issued summons to the former chairman of the IDBI bank, Yogesh Agarwal in connection with the same case.

The ED is probing the loan amount of Rs 950 crore sanctioned to Kingfisher Airlines in the year 2009. Apart from this the ED has also issued summons to five other executives who are part of the bank. Summons have also been issued to five former executives as well who were part of the process that sanctioned the loan in 2009.

All the executives were granted two days time to respond to the summons. The ED now wants to question Agarwal, who is the former managing director and also chairman of the bank. ED officials say that they are trying to understand the process that went into the sanctioning of the loan. The ED is probing how such huge loans were sanctioned.

We are trying to understand the entire process and also want the details of the meetings between the bank and the airlines, ED officials also said. How was the loan sanctioned and what was the process that went into it is what the ED is trying to find out. The ED had filed a money laundering case against Vijay Mallya, executives of the IDBI bank and also Kingfisher airlines.

The ED alleges that a certain amount of money was allegedly diverted abroad and hence it amounts to money laundering. On the other hand the CBI is now seeking the help of foreign governments to ascertain the assets held by Vijay Mallya. The CBI is trying to assess the amount of assets held by Mallya in foreign countries.

OneIndia News