By Raj Shekhar | TNN | From The Times of India

NEW DELHI: Inching closer towards gathering more concrete evidence against Vijay Mallya, the CBI on Tuesday interrogated former chief financial officers of the UB Group, Ravi Nedungadi and A Raghunathan, in connection with the alleged loan fraud and diversion of siphoned money. The duo was interrogated separately by a CBI team in Mumbai and their versions and answers are being analysed.

Sources also informed that the CBI was in the process of getting letters issued to the UK, Mauritius, Cayman Islands and France amongst others to get details and “documented evidences” about the properties owned/used and financial transactions carried out by Mallya and his associates.

Regarding the interrogation, sources said the agency’s focus was to understand in detail the role of these two CFOs and their alleged collusion with Mallya in getting the banks to disburse money. They were given a questionnaire prepared by the CBI team. In the main, they were asked to open up on the information they had about some political functionaries who Mallya had been in touch with around the time the loans were being disbursed, sources claimed.

Their answers will be corroborated with call records of the numbers they and Mallya used during this time apart from other evidence as the CBI, on the basis of some undisclosed prima facie evidence, is looking into whether “political pressure” was applied on banks to get them to lend to Kingfisher Airlines when it was not doing well.

The CBI’s move to quiz the duo coincides with Nedungadi opening up to inform the ED about two expensive properties – one in San Fransisco and another in France – with links to Mallya. Sources said the agency would question them again after studying their answers. The CBI will also quiz some other Kingfisher officials and a senior official of a leading consulting and accounting firm, sources said. The government there would pass directions to the concerned local court.

Comment: 7500 Crores debt is not a joke. We struggle to get 2Lakh loans with all the paperwork including that of my grand-father, then how could this guy get so much loan with no collateral? Obviously there is a political nexus and if I was CBI i will start digging from Manni na Magaa ( aka Deve Gowda’s) backyard.
Roger F

For more on this story and video go to: http://timesofindia.indiatimes.com/india/Did-netas-help-Mallya-CBI-to-2-ex-CFOs/articleshow/51418951.cms

Related story:
Vijay Mallya looking for debt repayment offer, likely to pay dues of Kingfisher Airlines employees

By Kala Vijayraghavan & Saloni Shukla, From ET Bureau

MUMBAI: Vijay Mallya and his advisers are working to revise a debt repayment offer that has been rejected by banks to make it more acceptable to them, people aware of the development said.

He’s conducting a review of his assets in consultation with a legal firm that has financialexpertise and may make an offer of staggered payments or a one-time settlement, they said.

He’s also looking at paying the dues of Kingfisher Airlines 1 sse 3.03%1 employees. This has been prompted by a realization, according to the people cited above, that
he needs to be personally accountable as a business leader about employee welfare.

Most employees were left high and dry when the airline promoted by Mallya stopped flying in 2012 even as he remained in the public eye for throwing lavish parties and owning stakes in cricket and Formula 1 teams. Mallya is keen to ensure that his name is redeemed in India.

“He has hated the term absconder and wants to show that he would have sat down
with the banks so that he can revisit the country whenever he wishes peacefully rather than be compared to swindlers,” said a person close to him.

There was no response to an email sent to Mallya on the subject. Bankers who are seeking more than Rs 9,000 crore in loans and interest from Kingfisher Airlines say a revised offer of some kind should be forthcoming.

“We are expecting a renewal of his last offer; let’s see what he brings to the table,” one person said.” His earlier settlement offer was almost like a write-off, we are not very hopeful.” In a statement earlier this month, Mallya had said he was making efforts to reach a one-time settlement with banks and had held three meetings and follow-up calls in this regard.

“Personally, I am not a borrower or a judgement defaulter,” Mallya had said, denying any kind of wrong doing. Bankers said they were waiting for a concrete settlement offer from Mallya’s team.

“We are ready for the negotiation if he is willing to pay the entire principal amount that he owes banks,” said the person cited above. “He should also tell us how much of the interest component he can repay, we can’t waive that off.His settlement offer should include a significant portion of the interest component too as it has crossed over Rs 3,000 crore.”

Bankers aren’t too optimistic. “He had pledged his assets and given his personal guarantee, but he is not even willing to give his assets under oath; that matter is also pending at DRT (debt recovery tribunal),” said another banker on the condition of anonymity. “If he was willing to pay us back we wouldn’t be fighting this matter in court.” According to Mallya’s statement, banks have already recovered Rs 1,244 crore from the sale of pledged shares.

An additional Rs 600 crore has been held as a deposit by the Karnataka High Court since July 2013 and a further sum of Rs 650 crore belonging to United Breweries Holdings has been similarly held since early 2014

IMAGE: Vijay Mallya and his advisers are working to revise a debt repayment offer that has been rejected by banks to make if more acceptable to them.

For more on this story go to:
http://economictimes.indiatimes.com/articleshow/51486700.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst