The material recovered during searches yesterday indicated that the airlines, which stopped flights in October 2012, has allegedly diverted part of loans taken from 11 nationalised banks, with total exposure of Rs 4,000 crore, to tax haven countries for different purposes not specified in
loan applications, sources claimed.
They claimed that the agency will be expanding the ambit of the probe from Rs 900 crore loan from IDBI bank to loans received from 10 other public sectors banks as well which have total additional exposure of Rs 3,100 crore to the company.
They said that the allegations of diverting the loan amount from specified purposes to tax havens for different reasons will also be probed by the agency. The consortium of 17 banks had an outstanding of over Rs 7,000 crore on loans to Kingfisher with State Bank of India having the highest exposure of Rs 1,600 crore.
The 10 public sector banks whose loans have come under the scrutiny of CBI, besides IDBI, are UCO bank, Punjab National Bank, State Bank of India, Vijaya Bank, Bank of Baroda, Corporation Bank, Bank of India, United Bank of India, State Bank of Mysore and Indian Overseas Bank.
CBI has yesterday registered a case against Vijay Mallya, Director of defunct Kingfisher Airlines, the company, A Raghunathan, Chief Financial Officer of the Airlines, and unknown officials of IDBI Bank in connection with alleged default of over Rs 900 crore loan from the Bank.



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