On Monday, in a new development of the money laundering case involving Vijay Mallya, the Central Bureau of Investigation (CBI) arrested a former chairman of IDBI Bank Ltd., three other bank officials, and four Kingfisher Airlines executives.
Authorities combed 11 places including Mallya’s Bengaluru residence, the UB towers, and the homes of others who have been arrested.
“A CBI team visited the UB Group offices in Bangalore today and we are fully cooperating with them,” Mint reported a UB spokesperson as saying.
The money-laundering case
On March 2016, the Enforcement Directorate (ED) had registered a money-laundering case against Vijay Mallya and the CFO of Kingfisher Airlines, A. Raghunathan. This was in connection with the CBI’s probe into the alleged default of a Rs. 900-crore loan, which was in collusion with IDBI officials.
The month after the ED registered the case, the Ministry of External Affairs revoked Mallya’s passport. He resigned from the Rajya Sabha soon after, right before the Ethics Committee could recommend his expulsion. The ED had also sought the help of INTERPOL in its case against Mallya.
The raids come only a few days after a debt recovery tribunal (DRT) in Bengaluru ruled in favour of public sector lender State Bank of India-led consortium to recover Rs. 6,203.35 crore from Mallya.
Sports is education too
Give sports its due importance.