CBI raids Vijay Mallya’s offices, residences

New Delhi/Bengaluru, Oct 10 (IANS) The CBI on Saturday raided the houses and offices of Vijay Mallya and his now grounded Kingfisher Airlines in Delhi and Bengaluru in connection with alleged fraud in Rs.950 crore loan to him by IDBI bank which has been declared as non-performing asset.

The raids were made at five places, officials said.

The IDBI bank came under the scanner in 2014 for granting an alleged bad loan to Kingfisher Airlines despite knowing its precarious financial position and negative credit ratings.

Mallya’s airline has been grounded since October 2012.

A string of Indian banks have an exposure of nearly Rs.7,000 crore in loans to the airline, with the State Bank of India leading with Rs.1,600 crore.

The Punjab National Bank, Bank of India and Bank of Baroda have loan exposure in the range of Rs.800 crore, Rs.650 crore and Rs.550 crore.

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