CBI raids Vijay Mallya’s homes, offices in loan default case

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The CBI on Saturday searched residences and offices of flamboyant business tycoon Vijay Mallya and his now-grounded Kingfisher Airlines in the case of a Rs 900 crore loan by state-run IDBI Bank and now declared a non-performing asset (NPA) and registered a case against him and others.

A case of criminal conspiracy, criminal breach of trust by public servant and corruption, was registered against the airline as well as its director Mallya, who is an independent Rajya Sabha member from Karnataka, chief financial officer A Raghunathan and unnamed bank officials following raids at five places – at the airline’s offices and at residences of Mallya and others in Bengaluru, Mumbai and Panaji, said agency officials.

“The Central Bureau of Investigation has registered a case against then director of Mumbai- based airlines, his said company; then CFO of said private company and other unknown officials of IDBI Bank,” a CBI statement said.
“It is alleged that officials of IDBI colluded with the promoters/directors and CFO of said airlines and sanctioned credit limits of Rs 900 crore (approx) in violation of banking norms, thereby causing loss to the said bank by such fraudulent act,” it said.

It said that searches were conducted on Saturday at three places in Mumbai and one each in Bangalore and Goa in the offices and residences of the accused.
“Several incriminating documents found during searches are being scrutinized. Further investigation is in progress,” the statement added.
In Goa, a CBI team from Mumbai raided the Kingfisher Villa, Mallya’s expansive property in the tony Candolim beach area, located 15 km from Panaji.
The Bengaluru-based United Breweries, the holding company with substantial equity stake in the airline, admitted that CBI officials visited its office in Bengaluru, Mumbai and near Panaji.


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