<!– /11440465/Dna_Article_Middle_300x250_BTF –>The CBI today carried out searches at 10 locations in a multi-city operation after registering a case against a general manager of IDBI Bank and seven others for allegedly cheating Union Bank of India to the tune of Rs 184 crore. The agency has registered the case on the complaint of Union Bank of India against private individuals Ashish Jhunjhunwala, Naveen Gupta, Ayush Lohia, Lalit Mohan Chatterjee, Bimal K Jhunjhunwala, who were all directors of Ramsarup Industries limited. The then independent directors of the company including Debashish Sarkar, presently General Manager of IDBI Bank, former executive director Vijaya Bank Mohammed Shahid and retired IAS officer Murari Lal have also been booked by the CBI. “They allegedly cheated UBI, Kolkata to the tune of Rs 184.43 crore through the loan amount of Ramsarup Utpadak (Unit-II) of M/s Ramsarup Industries Ltd by diverting a sum of Rs 130.95 crore to a group company M/s RAV Dravya Pvt Ltd,” CBI spokesperson R K Gaur said. The searches were spread across Kolkata, Gurgaon, Jamshedpur, Nagpur and Kanpur.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The CBI and the Indian High Commission in London will present India’s case in the UK court for extradition of controversial industrialist Vijay Mallya as the government looks to break the myth that a law breaker is out of bound once he is out of country. A top source said India is seeking extradition of Mallya for defaulting on loans due to IDBI. “We want to shatter this myth that by crossing boundaries you are out of bounds. Mallya extradition will act as an important test case,” the source said. The embattled businessman, who has been declared a proclaimed offender in India, was today arrested in London by the Scotland Yard on India’s request for his extradition on fraud charges. The 61-year-old liquor baron, wanted in India for defaulting on loans, was arrested after he appeared at a central London police station this morning. The flamboyant businessman, who once called himself ‘The King of Good Times”, was released on bail a few hours later.(This article has not been edited by DNA’s editorial team and is auto-generated from an agency feed.)
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The noose is finally tightening around liquor baron Vijay Mallya, who is accused of loan defaults and financial irregularities by investigating agencies.Acting on the Central Bureau of Investigation’s (CBI) and Enforcement Directorate’s (ED) plea, the Ministry of External Affairs (MEA) on Thursday formally submitted papers for his extradition to the UK High Commission. The papers have been with the ministry’s legal department for the past many months.”We’ve today handed over the request for extradition of Vijay Mallya as received from the CBI to the UK High Commission in New Delhi. We have requested the UK side to extradite him to face trial in India,” said MEA spokesperson Vikas Swarup at a press briefing.He also mentioned that both countries are bound by a bilateral extradition treaty. “Honouring the request will be seen as an act of cooperation,” Swarup added.Earlier on Thursday, United Breweries removed Mallya from his non-executive chairman role. The UB Group said that the Securities and Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company. Mallya, owner of Kingfisher Airlines, was known for his flamboyant lifestyle.Mallya fled to the UK in March 2016 after defaulting a loan of Rs 9,000 crore from a consortium of banks. Despite multiple injunctions, he did not appear before the Enforcement Directorate in connection with a probe under the Prevention of Money Laundering Act (PMLA).Asserting that India has a “legitimate” case against Mallya, Swarup said that if an extradition request is honoured, it shows the UK’s “sensitivity towards our concerns”. Last month, a CBI court had issued a non-bailable warrant against Mallya in the Rs 720-crore IDBI Bank loan default case.The UB Group’s decision to distance itself from the baron follows the Karnataka High Court issuing a winding-up order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his business empire. The court had directed an official liquidator to take over all assets. A spokesman for the British High Commission said that the Commission does not comment on individual cases.Last month, the CBI filed a charge sheet against fromer IDBI Bank chairman, Kingfisher Airlines, Vijay Mallya and eight others. Those arrested included the then chairman of IDBI Bank Yogesh Aggarwal and former CFO of now-defunct Kingfisher Airlines A Raghunathan. The arrests were followed by searches at 11 places, including Mallya’s residence in New Delhi, three floors of UB towers in Bengaluru and residences of Aggarwal and Raghunathan.The CBI has alleged that Aggarwal approved the loans and instructed to expedite the ratings while finalising loans of over Rs 900 crore to Kingfisher Airlines. The agency has said that the loans were issued by accepting Kingfisher brand, leased aircraft as hypothecation, and guarantees from UB Group and Mallya himself.
<!– /11440465/Dna_Article_Middle_300x250_BTF –>The Central Bureau of Investigation (CBI) on Monday arrested nine persons, including the former chairman of IDBI Bank, in connection with the Vijay Mallya loan default case.According to the probe agency, those arrested include the then chairman of IDBI Bank Yogesh Aggarwal and former chief financial officer of the now-defunct Kingfisher Airlines (KFA) A Raghunathan. The arrested allegedly connived with Mallya to get a Rs 900-crore loan to KFA sanctioned in violation of banking norms.Others arrested are Shailesh Borkar, Amit Nandkarni and AC Shah, all former KFA officials, and BK Dutta, SKV Srinivasan, OV Bundellu and RS Sridhar of IDBI Bank. A CBI official on Monday said that IDBI officials allegedly sidelined a recommendation against granting of loan on the basis of credit worthiness and net worth of the airlines.The accused have been booked them under Sections 120-B (criminal conspiracy), 409 (criminal breach of trust by public servant) of Indian Penal Code and under appropriate sections of Prevention of Corruption Act 1988.The agency had been investigating just a loan default case, which involved KFA’s non-return of IDBI Bank’s Rs 900 crore loan, granted in 2009. According to CBI documents, KFA colluded with senior officials of the IDBI Bank, who allegedly showed undue favour to the said company even after knowing that it was reeling under debt. Mallya, who was the director of the now defunct airline, was named an accused in the case along with A Raghunathan, the CFO of KFA on July 29, 2015.Senior CBI officials also told DNA that the agency had expanded its probe to include the firm’s default on loans from IDBI and the 16 other public sector banks and will be checking close to five lakh bank transactions of Mallya made between 2004-2016. A total of Rs 7,000 crore was borrowed during 2004-12 by Mallya.In its probe, CBI investigators listed three major transactions in which KFA was sanctioned loans at various points in 2009. On a loan request made on October 1, 2009, sanctioning authority headed credit committee, comprising OV Bundellu, CMD, BK Batra and R Bansal, sanctioned a loan of Rs 150 crore on October 7, 2009, CBI officials said.The arrests on Monday were the first ever since the probe agency registered the case in 2015.