Terming the Rs 950 crore loan to the defunct Kingfisher Airlines (KFA) as unsecure, the Central Bureau of Investigation (CBI) on Monday arrested nine people linked to this case including former CEO of the airlines and two former Chairmen of the IDBI Bank. The investigating agency also said that the loan was sanctioned on the brand value of Kingfisher and that the rating should have been 'BBB' and not just 'BB'.The airlines did not use the loan for the end use mentioned in the loan document of the bank. The top brass arrests includes A Raghunathan, Chief Financial Officer (CFO) of Kingfisher Airlines and BK Batra, former IDBI Deputy Managing Director (MD).Watch video for more...
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