Mallya loan default case: Lawyer says 9 accused innocent, but court detains till Feb. 7

The Central Bureau of Investigation (CBI) on Tuesday sends all nine arrested accused in connection with the Vijay Mallya loan default case to judicial custody till February 7.

The court will hear the bail application of all nine accused on January 30.

"Today, all the accused has been produced. Investigation has been completed. The chargesheet is filed. All the accused are absolutely innocent. We are looking at all the facts and figures. The bail application will be cleared on 30th January. All the bank officials are innocent," said Advocate Amol Patankar.

The CBI had earlier arrested a former chairman and three other ex-officials of IDBI Bank along with four former executives of Kingfisher airlines in this matter.

The CBI has alleged that former IDBI chairman approved the loans and also instructed to expedite the ratings while finalising the loans to Kingfisher Airlines of over 900 crore rupees. The loan was allegedly sanctioned in violation of norms regarding credit limits.

Those arrested include by the CBI are former Chairman of IDBI Bank Yogesh Aggarwal and former CFO of now-defunct Kingfisher Airlines A Raghunathan.

The IDBI bank executives arrested are O V Bundellu, S K V Srinivasan and R S Sridhar while the three former executives of Kingfisher Airlines arrested are Shailesh Borke, A C Shah and Amit Nadkarni.

The arrests have been made from multiple cities. While Raghunathan was arrested in Mumbai, Aggarwal was taken into custody from Gurgaon.

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 among others.