CBI likely to file more FIRs in Kingfisher loan default case

CBI is likely to register more FIRs into alleged loan defaults of Kingfisher even as it plans to expand its probe to look into the allegations of diversion of about $200 million to "tax havens".

The agency is likely to register more FIRs to bring into the ambit of probe the additional Rs 3,100 crore loans from 10 other nationalised banks on which the company has allegedly defaulted, turning them into non-performing assets, CBI sources said.

They said the present FIR against the company is related to Rs 900 crore of bad loan from IDBI bank but more FIRs may be registered to probe exposure of other public sector banks.

They said the agency has received prima facie input which indicates that the company has allegedly diverted about $ 200 million from these loans to two "tax haven" countries which will be probed during the course of investigations.

When asked for a reaction, UB group spokesperson declined to comment on the development.

Asked to comment on the diversion of funds, CBI spokesperson said the probe is in initial stage and every input is being evaluated.

The sources remained tight-lipped about the countries where such transfers were made as they feel it might compromise.

In a regulatory filing, IDBI Bank said it is one of the 17 consortium lenders to Kingfisher Airlines which defaulted in its payment obligations.

Banks have jointly taken several recovery actions against the company and its promoter, it said, adding, CBI had earlier initiated preliminary enquiry in the matter against the borrower and the bank had provided all information and documents sought by the investigating agency in the matter.

"Moreover, since the matter is not new and has been probed by CBI earlier also and relates to the normal business activities of IDBI Bank and other consortium lender banks, there is no price sensitive angle in the matter," it said.