insurance for everyone: CBI questions Vijay Mallya in alleged loan default case

CBI on Thursday examined UB cluster Chairman Vijay Mallya in reference to its probe into alleged loan default of Rs 900 large integer taken from IDBI bank.

The sources aforesaid Mallya was referred to as to agency Headquarters in reference to the case wherever the team of Banking Securities Fraud Cell dispensed his elaborated questioning.

The company aforesaid it'll not inquire into the matter.

CBI has registered a case against Mallya, Director of defunct coraciiform bird Airlines; the company; A Raghunathan, Chief money handler of the Airlines; and unknown officers of IDBI Bank.

It is alleged that the loan was sanctioned in violation of norms concerning credit limits.

The CBI sources aforesaid associate degree FIR into the alleged violations was registered recently as a part of its wide probe into criminal aspects of loans declared to be non-performing assets by public sector banks.

The sources aforesaid there was no would like for the bank to require the exposure outside the syndicate.

"It was 1st exposure to the bank. There was no would like for the bank to require the exposure outside the syndicate once already different loans were obtaining stressed," a senior CBI official, inquiring the matter, had earlier aforesaid.

The bank can got to justify reasons for extending the loan to the airlines, ignoring its own internal report that has warned against such a move.

The debt-laden airlines stopped operations in October 2012.

The CBI sources aforesaid the agency has registered a complete of twenty seven inquiries and cases with regards to "bad loans" given by public sector banks to numerous corporates in 2013.