In rush to lend to Kingfisher, IDBI brass dumped rulebook: CBI

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The Central Bureau of Investigation has accused IDBI Bank’s management of hatching a conspiracy with Vijay Mallya and others over loans that were made to Kingfisher Airlines in 2009 in violation of rules. Norms related to risk, compliance and collateral among others were overlooked despite Mallya’s weak financial position, CBI said in a 2,000-page charge sheet, part of which EThas reviewed.

Nine persons, including former IDBI bank chairman Yogesh Aggarwal, were arrested on January 23 and later remanded to judicial custody. .

The agency said Mallya had met Aggarwal on October 6, 2009, following which the carrier’s chief financial officer, A Raghunathan, submitted a loan request the next day. The company sought Rs 950 crore, saying that Rs 150 crore of this was urgently needed. Read More…

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