09 August 2014

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Loan Scam Rs.900 Crore IDBI Bank and King Fisher Airlines

Loan Scam Rs.900 Crore IDBI Bank and King Fisher Airlines

Kingfisher Airlines stopped operations from October 1, 2012.

Kingfisher has a total debt of about Rs12, 000 crore
It had taken loans from a consortium of 17 banks.
SBI was the lead lender, giving away almost Rs1, 500 crore to Kingfisher
The CBI is waiting for the response of SBI and other banks to take further action against Kingfisher.

DNA reported that Vijay Mallya, UB Group chairman, is under CBI scanner.
The CBI will look into Mallya's role
The representation he gave to avail Rs900 crore.

It will investigate if Mallya used the money for the purpose he took it for.

The agency has registered a preliminary enquiry (PE) against Kingfisher Airlines, the first such by an investigating agency, and IDBI Bank, in connection with the Rs900 crore it loaned to Mallya's now-defunct airlines.

CBI has registered the PE after finding IDBI's report "not convincing".
The agency asked the public sector bank why it provided Kingfisher with the loan when the company was in the red. The bank's answers were not convincing

Once the investigations are completed, the CBI is likely to file an FIR.

A 2009 internal report by IDBI bank had warned that Kingfisher was in the red.
Despite that report, the bank went ahead and sanctioned a loan of Rs900 crore.

Do you think it is a Rs. 900 Crore Scam?

Common Indian citizens even find it is very difficult to open a bank account or get a bank locker in bank.

But in India we got different laws for common man and politicians and rich powerful people.
they can do anything and nothing happens no one dares  just get the bail and forget the matter 

Nothing is going to happen in this matter also

Justice Delay Justice Denied

Justice Delay = Evidence gets lost

Reality views by sm –

Saturday, August 09, 2014

Tags - Kingfisher Airlines