Pursuits
India's CBI Raids Kingfisher, Mallya Offices on Loan Default
- IDBI Bank officials sanctioned loan in violation of norms: CBI
- Searches conducted in five places in Mumbai, Bengaluru and Goa
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India’s federal investigations agency searched the offices of Kingfisher Airlines Ltd. and its owner Vijay Mallya in connection with alleged default on a 9 billion-rupee ($139 million) loan from IDBI Bank Ltd.
The Central Bureau of Investigation registered a case against Mallya, the now-defunct Kingfisher Airlines, its chief financial officer A. Raghunathan and unknown officials of IDBI Bank, the agency said in a statement.