Published On : Sat, Aug 13th, 2016

CBI registers fresh case against Mallya

Vijay Mallya
New Delhi/Nagpur:
CBI has registered a fresh case against beleaguered liquor baron Vijay Mallya for alleged irregularities in repayment of Rs 1,600 crore loan taken from State Bank of India.

CBI sources said a case has been registered against Mallya and others after receiving a complaint from State Bank of India, which is leading a consortium of 17 banks that have given loans to Kingfisher Airlines.

The sources said it was alleged that Mallya had sought to recast his loan repayment in which information was suppressed by the businessman.

The agency has already filed a case of alleged loan default by the now-defunct Kingfisher Airlines to IDBI Bank.

The airline, owned by Mallya, had taken Rs 6,900 crore from a consortium of 17 lenders in early 2010 after a second debt restructuring for the airline. SBI has an exposure of Rs 1,600 crore to the airline. Out of this, the bankers, which recalled the loan in February 2013, could recover only around Rs 1,100 crore after selling pledged shares of UB Group companies.