The CFO of Vijay Mallay's now defunct Kingfisher Airlines, A Raghunathan, was also arrested by the CBI in the money laundering case
New Delhi: The Central Bureau of Investigation (CBI) on Monday evening arrested a former chairman of IDBI Bank Ltd, three other bank officials and four Kingfisher Airlines executives in an alleged money laundering case involving Vijay Mallya.
Besides former IDBI Bank chairman Yogesh Aggarwal, the arrested bank officials are B.K. Batra, S.K.V. Srinivasan, and R.S. Sridhar.
The arrested Kingfisher Airlines executives are former chief financial officer A Raghunathan, Shailesh Porkar, Amit Nadkarni and A.C. Shah.
“We have arrested these executives in connection with the money laundering case. An enquiry will now be initiated into the matter and we will take it forward from there," said a senior CBI official, requesting anonymity.
The arrests were followed by searches at 11 places including Mallya’s residence in Bengaluru, three floors of UB towers in Bengaluru and residences of Aggarwal and Raghunathan among others.
“A CBI team visited the UB Group offices in Bangalore today and we are fully cooperating with them," UB spokesperson said in a statement on Monday.
The CBI has been investigating a case against Mallya and his group companies over allegations of money laundering since early last year and has even secured a non-bailable warrant against the absconding businessman in a case related to money laundering and willful default of loans, Mint reported on 22 November.
The raids come days after Mallya and his associated firms received a jolt after a debt recovery tribunal (DRT) in Bengaluru ruled in favour of public sector lender State Bank of India-led consortium to recover Rs6,203.35 crore from the former Rajya Sabha Member of Parliament (MP).