On Saturday, the Crime Branch of India (CBI) raided five commercial and residential properties, along with the defunct Kingfisher Airlines, owned by Vijay Mallya over his involvement in a loan default to the tune of around R900 cr with IDBI bank.

The case surrounds the alleged involvement of A Raghunathan, chief finance officer of his company, and a few unnamed officials of IDBI bank, who issued the amount to the non-performing asset, despite knowledge of the precarious financial position of the company. The loan was sanctioned in violation of norms regarding credit limits.