CBI carries out searches at Vijay Mallya's residential, office premises over loan default

Zee Media Bureau

The Central Bureau of Investigation (CBI) on Saturday carried out searches at residential and official premises of liquor baron Vijay Mallya in five places in connection with alleged loan default of Rs 950 crore.

IDBI Bank was under scanner last year for giving  Rs 950 crore alleged bad loan to Kingfisher Airlines , ignoring the company's negative credit ratings and net worth.

The debt-laden airlines has stopped operations since October 2012.

The consortium of 17 banks had an outstanding of over Rs 7,000 crore on loans from Kingfisher with State Bank of India having the highest exposure of Rs 1,600 crore.

Punjab National Bank has outstanding dues of Rs 800 crore to Kingfisher, Bank of India Rs 650 crore and Bank of Baroda Rs 550 crore.

Among the others, United Bank of India has Rs 430 crore, Central Bank of India Rs 410 crore, UCO Bank Rs 320 crore, Corporation Bank Rs 310 crore, State Bank of Mysore, Rs 150 crore, Indian Overseas Bank Rs 140 crore, Federal Bank Rs 90 crore, Punjab and Sind Bank Rs 60 crore and Axis Bank Rs 50 crore.

With PTI Inputs