CBI says Vijay Mallya had no intention of honouring personal guarantee he’d given IDBI Bank: Report

The agency claims that using the brand equity of Kingfisher Airlines as collateral for the loan was Mallya’s idea. The Central Research Office said Kingfisher Airlines chief Vijay Mallya had no intention of fulfilling a personal guarantee he had given to IDBI Bank even before his now-missing plane was involved in a Rs 900 crore default loan , The Indian Express reported Friday.

The IWC had filed an additional claim in the case in a Mumbai court against Mallya and officials Kingfisher Airlines and IDBI Bank last week. The investigative agency filed a copy of an email allegedly sent by Mallya PA Murli, a senior State Spirits Limited official, January 6, 2012, before the court maintained its charge.

“I have received emails for the account IDBI KFA becomes active or unprofitable ANPs. They can suddenly something.” Take 10 million rupees from my account in the USL tomorrow itself, “said Mallya email.

The CBI claimed that using the brand equity of Kingfisher Airlines as collateral for the loan was Mallya’s idea. He then suggested the same for UB Group Chief Financial Officer Ravi Nedungadi in an e-mail dated 10 September 2008. The CBI said that Mallya wrote to the State Bank of India with the brand value of Kingfisher Airlines as collateral Loan in 2009.

“Lending banks, including IDBI, have been led to believe that such value is the result of the diligent exercise of independent external expert after rigorous research and evaluation,” the panel said. “The investigation revealed that such a favorable report was obtained by deliberately exaggerated financial indicators, which are different from those provided to banks.”

The IWC had stated in an earlier charge sheet filed in January that IDBI officials had not obtained legal advice on the maintenance of the Kingfisher Airlines brand, which was an intangible asset, as collateral for the loan.

On June 14, the control group presented its first marker against Mallya and others in the case of Rs 900 million rupees IDBI-KFA. The loan amount is sanctioned and disbursed by IDBI Bank.

Mallya, which has 17 banks in India at more than Rs 9,000 crore, has been in the UK since March 2016 and has previously said it would not return to the country. He was involved in several cases in India. The Ministry of Foreign Affairs has submitted a request for extradition to Mallya on 9 February. Later that month, Indian and British representatives met to discuss cases of expulsion pending extradition requests.

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