Vijay Mallya loan case: All accused sent to judicial custody. Know the latest developments

Court will hear the bail application of all the nine accused on January 30.

Central Bureau of Investigation today filed charge sheet against 11 people including Vijay Mallya and Kingfisher Airlines in a loan default case in special court in Mumbai. Among others were, ex-IDBI Bank Chairman, Yogesh Agarwal and now non-functioning Kingfisher airline’s former Chief financial officer, Raghunathan.

Nine people arrested in the case were produced by CBI court and the investigating agency asked for the judicial custody.

Two teams of CBI on Monday raided Mallya’s office in UB towers on Vittal Mallya Road, in Bengaluru. Mallya’s home in New Delhi as well as Yogesh and Raghunathan’s homes also got raided. Other former employees of IDBI Bank and Kingfisher Airlines who got arrested in the raid. All of them are arrested for aiding Mallya, who has been named as co-conspirator in the case.

On 19 January, Bengaluru debt recovery tribunal ordered State Bank of India consortium to recover Rs 6,023 crore at an annual interest rate of 11.5% from Mallya as well as his companies.

It has been a year since the CBI started investigation against Vijay Mallya and his companies on the charges of money laundering.

In a 1000 -page chage sheet filed on Monday Mr Mallya has been accused of conspiracy and cheating. Wanted in a series of loan default cases, the tycoon, who skipped the country, has also been named as an absconder in the 1000-page charge-sheet, which was filed at a court in Mumbai today.

All accused arrested are sent to judicial custody till February 7 and court will hear the bail application of all nine accused on January 30.

Vijay Mallya, the main culprit has been allegedly absconding from India since last year and has settled his base in London.