Kingfisher Airlines CFO & IDBI Officials Summoned By ED | Loan Default Case

The Enforcement Directorate (ED) on Friday (March 11) has issued summons to the A Raghunathan, Chief Financial Officer (CFO) of the defunct Kingfisher Airlines and a few officials of IDBI Bank as part of its probe into a money laundering case. CBI had registered a case against Mallya, Kingfisher Airlines, CFO of the airlines, and unknown officials of IDBI Bank in its FIR alleging that Rs 900 crore IDBI loan was sanctioned in violation of norms regarding credit limits on the basis of complaint received from the bank. Clarifying his position in the loan owed by KFA, Mallya in a recent statement had said after the closure of the airline, since April, 2013, the banks and their assignees have recovered, in cash, an aggregate of Rs 1,244 crore from sale of pledged shares.

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