CBI arrests EX IDBI Chief Yogesh Aggarwal over Kingfisher Airlines loan default case

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CBI arrests former Chairman of IDBI Bank Yogesh Aggarwal along with eight others ex-bank officials and executives of Kingfisher Airlines, over their involvement in Vijay Mallya owned Kingfisher Airlines loan default case.

Bank officials BK Batra, OV Bundellu, SKV Srinivasan and RS Sridhar have been arrested by CBI. It is reported that these officials were holding senior positions when the bank granted the loan of over Rs. 900 crore to Kingfisher Airlines. From Kingfisher Airlines – A Raghunathan (former chief finance officer), Shailesh Borkar, AC Shah and Amit Nadkar.

On Monday, the CBI officials conducted raids at 11 places including Vijay Mallya’s residence, residence of IDBI Bank Chief Yogesh Yogesh Aggarwal and former Chief Finance Officer Raghunathan.

All these alleged accused will be presented before the CBI court in Mumbai. Meanwhile, the Enforcement Directorate is also investigating the Kingfisher Airlines loan default case.

In investigation, CBI has found that bank officials allegedly agreed to grant over Rs. 900 crore to the Kingfisher airlines at very low-interest rates in March 2009, at the time when company was facing major cash crunch and was running in loss of over Rs 1,600 crore. Following the investigations accused have been arrested.

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