#CBI Details How Kingfisher ‘Misused’ Rs. 900-Crore Loan From #IDBI

Though Kingfisher Airlines was in acute financial distress in 2009, owner Vijay Mallya managed to get a 900-crore loan from state-run bank IDBI, which ignored warnings from some of its officers to hastily and unusually clear the massive amount in just a month, according to the country’s top investigating agency.

Mr Mallya, who owned India’s biggest spirits company, has been taken to court by a consortium of 17 banks for failing to repay nearly a billion dollars in debt owed by the now-defunct airline.

“All enquiries conducted have failed to find evidence of misappropriation of funds by Kingfisher Airlines or myself,” Mr Mallya had said in a statement.
But details of the CBI’s case against Mr Mallya, 60, suggests blatant collusion between Mr Mallya and bank officials. The 14-page FIR or document that lays out the CBI’s evidence against the entrepreneur has been exclusively accessed by NDTV. It states that he was given the loan after he met with the IDBI chief, Kishor Kharat, and that their meeting was referred to by the bank in various documents.

Source

http://www.ndtv.com/india-news/cbi-details-how-kingfisher-misused-900-crore-loan-from-idbi-1285297