The King of Good Times is now an absconder, says CBI chargesheet against Vijay Mallya

Former IDBI chairman Yogesh Agarwal and former financial officer of defunct Kingfisher Airlines A Raghunathan were arrested by the agency on Monday in an attempt to recover Rs 9,000 crore that the billionaire Vijay Mallya owes lenders

The King of Good Times is now an absconder, says CBI chargesheet against Vijay Mallya

CBI has filed charge sheet against liquor baron Vijay Mallya and his company Kingfisher Airlines in loan default case on Tuesday.

The agency has produced 9 people who were arrested on Monday in special CBI court in Mumbai and asked for judicial custody.

Former IDBI chairman Yogesh Agarwal and former financial officer of defunct Kingfisher Airlines A Raghunathan were arrested by the agency on Monday in an attempt to recover Rs 9,000 crore that the billionaire Vijay Mallya owes lenders.


The arrests have been made from multiple cities including Raghunathan getting nabbed from Mumbai and Aggarwal from Gurgaon.

According to CBI, it was Aggarwal who finalised the loans and also gave instructions to expedite the ratings while finalising the loans to Kingfisher Airlines of over Rs 900 crore. The investigating agency had alleged that loans were issued by accepting Kingfisher brand as hypothecation, lease aircraft and guarantees from UB group and Mallya himself.

CBI had charge-sheeted 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 sanctioned against the norms regarding credit limits.
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quoted a senior CBI official earlier: “It was the 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.”

The Rs 250 crore loan by IDBI bank was allegedly channelled through numerous bank accounts of  Kingfisher Airlines which became non-functional in 2012 following huge debts. Mallya allegedly fled India last year to dodge another CBI trial in a case submitted by SBI in connection with Rs 1,600 crore of alleged default.

The Kingfisher Airlines, owned by Mallya, had taken a loan of Rs 6,900 crore from a consortium of 17 lenders in 2010 after the airlines stooped into heavy crisis.