IDBI loan default case: Court rejects bail plea of former KFA CFO A Raghunath, former IDBI Chairman Yogesh Agarwal

Mumbai: A special court on Friday rejected bail of former CFO of Kingfiher Airlines A. Raghunathan, and IBDI bank's former chairman Yogesh Aggarwal and former Deputy Managing Director B K Batra.The court granted bail to six others arrested in the case.

The CBI had on January 23 arrested officials of IDBI bank and defunct Kingfisher Airlines. The charge sheet said that IDBI bank employees allegedly sanctioned about Rs 900 crore loan to KFA even while having a low credit rating.The investigating agency also said in the charge sheet that Vijay Mallya diverted a part of the loan for his "personal'' use. 

The CBI alleged that the loan was sanctioned by IDBI official by doing a criminal conspiracy by them in connivance with the KFA employees.

The arrested accused ex-IDBI Bank chairman Yogesh Agarwal, the bank's ex-deputy managing directors O V Bundellu and B K Batra, two other former officials, S K V Srinivasan and R S Sridhar, apart from the airline's CFO A Raghunathan and executives, Shailesh Borkar, A C Shah and Amit Nadkarni.

The CBI on Wednesday had completed hearing on bail applications in Vijay Mallya loan default case.