CBI raids industrialist Vijay Mallya's residence, office
Searches were conducted in five places in connection with an alleged default of over Rs 900 crore loan from IDBI Bank.
"The Central Bureau Of Investigation has registered a case U/s 120-B r/w 409 of IPC and Section 13(2) r/w 13 (1) (d) of PC Act, 1988 & substantive offences thereof against then Director of Mumbai based Airlines; his said Company; then CFO of said Private Company and other unknown officials of IDBI Bank. It is alleged that officials of IDBI colluded with the Promoters/Directors & CFO of said Airlines and sanctioned Credit Limits of Rs. 900 Crores(Approx) in violation of banking norms, thereby causing loss to the said bank by such fraudulent act," the CBI said in a statement.
"Searches are being conducted today at 05 Places (03 in Mumbai and one each in Bangalore & Goa) in the offices & residences of the accused. Several incriminating documents found during searches are being scrutinized," it said.
The probe agency said further investigation in the matter 'is in progress'.
Image: WIkimedia Commons
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