The Central Bureau of Investigation (CBI), while narrowing down on business tycoon Vijay Mallya's overseas transactions to four nations, has scaled up their investigation and will be looking into more than six lakh transactions that have taken place since the year 2004.
The CBI said that out of the 6 lakh transactions, around 60 percent of them involve fund flow to foreign counties but refused to reveal the names of the countries.
The axe is likely to fall on several of the seventeen banks that lent money to Mallya, as CBI officials have begun to investigate the case through angle of cheating as well.
In 2012 and 2014, the CBI had approached IDBI Bank, which has allegedly sanctioned Rs 900 crore loan in violation of norms, to report the default. Moreover, Union Bank of India was also approached this year by the CBI to report the alleged fraud. However, both these banks, and 15 others, have not come forward with a formal complaint so far.
Recently, the CBI had interrogated former chief financial officers - Ravi Nedungadi and A Raghunathan - of the UB Group and Kingfisher Airlines respectively.
CBI had registered a case against the then UB Group Chairman Mallya, Kingfisher Airlines, Raghunathan, and unknown officials of IDBI Bank alleging that the Rs 900 crore loan sanctioned to the airline was in violation of norms.
The CBI had alleged that Kingfisher Airlines had diverted a large chunk of the loans secured from public sector banks to tax havens for purposes not specified in loan applications.