January 23,
2017 - The defunct Kingfisher Airlines’ Chairman
and Managing Director, Vijay Mallya along with
three other senior employees and five state
owned Industrial Development Bank of India
(IDBI) executives have been arrested by Indian’s
Central Bureau of Investigation (CBI) on charges
of criminal conspiracy and corruption in
connection $134 million loan the carrier
received in 2009.
Among the
executives arrested in a raid on 11 locations
include Chief Financial Officer of Kingfisher,
A. Raghunathan and former Chairman of IDBI Bank,
Yogesh Agarwal. The CBI has been investigating
Mallya since 2015, when allegations were made
that Mallya diverted loans made to Kingfisher by
IDBI into foreign assets.
Among the
charges, Mallya was charged with failing to
follow proper procedures in taking the IDBI
loans. It has been reported that Mallya fled
India just after CBI began its investigation and
moved to the United Kingdom where he owns a home
in Hertfordshire and an apartment and office in
London.
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