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Friday, March 29 2024
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CBI raids Vijay Mallya’s defunct Kingfisher Airlines

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New Delhi: Reports in the media say that the Central Bureau of Investigation (CBI) is probing the the non performing assets of various public sector banks. These include huge loans to private companies. AFter registering an FIR in one such case the Central Bureau of Investigation (CBI) is conducting raids on liquor baron Vijay Mallya and his now defunct company Kingfisher Airlines in its probe into IDBI bank’s Rs 950 crore loan. The loan apparently was given to the  company despite the airline’s negative credit ratings and net worth.  CBI had alleged that “it was first exposure to the bank. There was no need for the bank to take the exposure outside the consortium when already other loans were getting stressed”.

The debt-ridden Kingfisher airline stopped operations in October 2012. Sources say that Vijay Mallya would be questioned soon in the case. Earlier, during the preliminary enquiry, agency has already examined some Kingfisher and IDBI officials asking them to explain the reasons for extending the loan to the airline, ignoring its own internal report which had warned against such a move.

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