<h2>Vijay Mallya Faces CBI Raids</h2>

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It seems like trouble for the business tycoon Vijay Mallya doesn’t seem to end. He has just faced the wrath of CBI. CBI is conducting raids on liquor baron Vijay Mallya and his defunct Kingfisher Airlines in connection with alleged loan default of Rs 900 crore. The raids are being conducted in five locations – three in Mumbai, one in Bangalore and one in Goa – in the office and residential complex of Mallya, CBI sources said

"A case has been registered against Vijay Mallya, director of Kingfisher Airlines, A Raghunathan chief financial officer of said firm and other unknown officials of IDBI Bank for allegedly violating banking norms in sanction and disbursement of credit limits of Rs 900 approximately," said a CBI spokesperson.

The CBI has registered the case against Kingfisher Airlines and IDBI Airlines in August. “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 banks loans were getting stressed,” CBI said.


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