Businessman Vijay Mallya’s return to India from the UK, inevitable now that he has exhausted his legal options against India’s extradition request, is set to provide impetus to a probe by the Central Bureau of Investigation (CBI) of a larger conspiracy involving public sector bankers who lent him money, two CBI officials said.
Bankers cleared loans worth Rs.6,027 crore to Mallya’s Kingfisher Airlines (KFA), ignoring false representations and the fact that the airline was in the red, said the officials, who requested anonymity. Mallya fled to the UK in March 2016 as banks closed in on him to recover loans given to the company, which was grounded in 2012.
