CBI raids Mallya's residences and offices in Mumbai, Goa and Bengaluru

October 10, 2015 16:45

The Central Bureau of Investigation is raiding liquor baron Vijay Mallya's residences and offices at five places in Mumbai, Goa, and Bangalore in connection with an alleged loan fraud case.

The case has been registered aganst Mallya, A Raghunathan (CFO of the now-defunct Kingfisher Airlines) and other unknown officials of IDBI Bank for allegedly violating banking norms in sanction and disbursement of credit limits of Rs 900 crore.

No immediate reaction was available from the company.

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 by public sector banks.

The sources said the bank will have to explain reasons for extending the loan to the airlines, ignoring its own internal report which has warned against such a move.

The debt-laden airlines stopped operations in October 2012.

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