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


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…

You may also read!

A Missile, Bomb, Meteor Or Gift From Aliens? Poop From Aircraft Befuddles Gurugram Village

A rumble in the sky and a loud thud a few seconds later shook villagers in Fazilpur Badli on

Read More...

Donald Trump Has Helped China Replace Us In Islamabad, Offered Beijing Free Control Of Pakistan’s ‘terror Infrastructure’

Donald Trump “the mentally stable genius” president of the United States of America has thrown Pakistan into the lap

Read More...

China’s Next Aircraft Carrier Will Make Its Navy Distant Second Behind The USA

002 will undoubtedly come with other improvements. A more robust air defense weapons suite is likely, with close-in weapons

Read More...

Leave a reply:

Your email address will not be published.

Mobile Sliding Menu