Loan fraud case: CBI raids Vijay Mallya's residences and offices

The Central Bureau of Investigation(CBI) on Saturday raided liquor baron Vijay Mallya's residences and offices in five places in Mumbai, Goa, and Bengaluru over alleged loan fraud case.

The CBI is conducting raids on Mallya and his now defunct company Kingfisher Airlines in its probe into IDBI bank's Rs 950 crores loan, which was given to the company despite the airline's negative credit ratings and net worth.

A case has been registered against Mallya, director of Kingfisher Airlines Ltd and A. Raghunathan CFO of the defunct airline and other unknown officials of IDBI Bank for allegedly violating banking norms in sanction and disbursement of credit.