Vijay Mallya Case: CBI Arrested A Former Chairman Of IDBI Bank & Four Kingfisher Airlines Executives

The Logical Indian

January 24th, 2017

Vijay Mallya Case

Source: livemint | Image Courtesy: btvinlivemint

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.


Read more:

  1. There Are 5,275 Mallyas In Our Country Who Owe More Than Rs. 50,000 Crores To The Bank
  2. ‘Defaulters Must Not Flaunt Money’, RBI Governor Lashes Out On Vijay Mallya

Share your thoughts..

Related Stories

Vijay Mallya

Appointment Of ‘Tainted’ CBI Special Director Used By UK Professor To Discredit CBI To Save Vijay Mallya

Vijay Mallya Evidence

Indian Govt & CBI Fail To Submit Evidence Against Vijay Mallya, UK Court Mocks Authorities’ Delay

Sanjay Bhandari

After Vijay Mallya, Arms Dealer Who Possessed Confidential Defense Documents Suspected To Have Fled To London

SBI Writes Off Loans Of 63 Wilful Defaulters

State Bank Of India Writes Off Loans Of 63 Wilful Defaulters, Rs 1201 Crore Of Vijay Mallya Also Written Off

Haryana Land Deal: ED Registers Money Laundering Case Against Former CM Bhupinder Singh Hooda

Govt. To Give Money To Banks To Make Up For Bad Loans, Know About It

Latest on The Logical Indian

Exclusive

This Initiative From Pune Recycles Plastic To Turn It Into Cheap Fuel For Villagers

News

MP: Police Arrest 30 Carol Singers Singing On The Road, Right Wing Group Sets Priest’s Car Ablaze

News

On Nirbhaya’s Death Anniversary, Women To Meet & Sleep On Parks To Reclaim Public Spaces

News

BSP Corporator Takes Oath In Urdu, Stirs Controversy

Awareness

66% Dip In The Disbursement Of Funds To Promote RTI

Get Inspired

Remembering Param Vir Subedar Joginder Singh Who Laid His Life Fighting Chinese Until His Ammunition Ran Out