Loan default case: CBI files chargesheet against Vijay Mallya, ex-chief of IDBI bank and others

New Delhi: The Central Bureau of Investigation (CBI) on Tuesday filed a chargesheet against beleaguered businessman Vijay Mallya in the Rs 900 crore IDBI bank loan default case and accused him of misappropriating the money.

Charging the liquor baron, the CBI said Vijay Mallya had misappropriated Rs 900 crore loan granted by a government-owned bank and diverted Rs 254 crore of the IDBI loan for "personal use".

According to report, the CBI had accused the liquor baron of cheating, criminal conspiracy thus quoting invoking sections 120B (criminal conspiracy), 420 (cheating) of IPC and section 13(1)(D) of Prevention of Corruption Act in the chargesheet.

The CBI has also chargesheeted former chief of IDBI bank Yogesh Aggarwal and eight others who were arrested Monday night in the loan default case.

This include five ex-officials of IDBI Bank namely, Yogesh Aggarwal, ex-Chairman, ex-Deputy Managing Director B K Batra, O V Bundellu, S K V Srinivasan and R S Sridhar from the bank.

The four former executives of Kingfisher Airlines against whom the CBI has filed the chargesheet include A Raghunathan, former CFO of Kingfisher Airlines, three more former executives Shailesh Borke, A C Shah and Amit Nadkarni.

The accused were later sent to judicial custody till February 7.

The arrests on Monday were followed by searches at 11 places including Vijay Mallya's residence here, three floors of UB towers in Bengaluru, residences of Aggarwal and Raghunathan among others.

The arrests have been made from multiple cities. While Raghunathan was arrested in Mumbai, Aggarwal was taken into custody from Gurgaon, the sources said.

CBI had registered a case against Mallya, Director of defunct Kingfisher Airlines; the company; A Raghunathan, Chief Financial Officer of the Airlines; and unknown officials of IDBI Bank.

The loan was allegedly sanctioned in violation of norms regarding credit limits.

The sources said there was no need for the bank to take the exposure outside the consortium.

"It was first exposure to the bank. There was no need for the bank to take the exposure outside the consortium when already other loans were getting stressed," a senior CBI official, probing the matter, had earlier said.

The officials of both Kingfisher Airlines and IDBI Bank have, however, moved a bail plea.

With PTI Inputs