New Delhi: 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, which was given to the company despite the airline's negative credit ratings and net worth.
The agency's raids are reportedly part of its banking NPA frauds probe, which was started last year and first reported by TOI.
The agency has registered an FIR in the loan fraud, which was declared non-performing asset, few days back. The agency has been probing loans provided by many public sector banks to several private companies.
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".
Sources say that Vijay Mallya would be questioned soon in the case.
10/10/15 Neeraj Chauhan/Times of India
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The agency's raids are reportedly part of its banking NPA frauds probe, which was started last year and first reported by TOI.
The agency has registered an FIR in the loan fraud, which was declared non-performing asset, few days back. The agency has been probing loans provided by many public sector banks to several private companies.
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".
Sources say that Vijay Mallya would be questioned soon in the case.
10/10/15 Neeraj Chauhan/Times of India
