CBI to track down Mallya's debts

 

CBI has approached five nations across the world by sending Letters Rogatory to them. These are the official requests to respective judiciaries by CBI seeking help in its probe against Mallya. CBI has been probing a 900 crore debt taken by Mallya from the IDBI bank. This transaction is thought to be a financial scam, where a few officials of the bank are also suspected to be involved with. The preliminary inquiry of CBI has found that a major part of these funds were transferred to overseas.

 

In this context, the CBI has requested the governments of US, UK, France, Hong Kong and Switzerland to reveal the information regarding such transfers. But as many banks other than IDBI has approached the judiciary regarding their debts pending with Mallya, CBI is confident to track down thousands of crores associated with those debts along with the debt of IDBI. Initial probe by the CBI has revealed that substantial portion of the 7000 crore debt taken by Mallya from various banks were transmitted to abroad. It would certainly be a good news if CBI could track those amounts and bring them back.