Political pressure on Mallya’s Rs 950 Crore loan : ED

Political-pressure-on-MallyVijay Mallya’s Kingfisher Airlines, carrying a negative credit rating, had got a Rs 950-crore loan in October-November 2009 from IDBI Bank a mere 20 days after applying for it. Investigators at the Enforcement Directorate (ED) said “they have reasons to believe there was political intervention” at IDBI Bank for granting quick loans to ailing Kingfisher airline in 2009. Yogesh Agarwal, the former chairman of IDBI was questioned today by ED. He had chaired the screening committee that approved the loan to the airline in 2009. Mr Yogesh told that the application was cleared in three weeks following due process. When asked why a hefty loan was disbursed so quickly to a company with negative credit rating, Yogesh Agarwal responded that “profit and loss are part of the business”.

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