CBI Closes Disproportionate Assets Case Against Ex-IDBI Deputy MD Batra, Still Probed In ₹950 Crore Kingfisher Loan Fraud
New Delhi: The CBI has closed the case of disproportionate assets against former IDBI deputy managing director B K Batra. Batra is also under investigation in a Rs 950 crore loan fraud case linked to the now-defunct Kingfisher Airlines, owned by fugitive liquor baron Vijay Mallya, officials said on Tuesday.
Batra was booked by the CBI in 2018, a year after his arrest in connection with the loan extended to Kingfisher Airlines. The allegation was that he amassed Rs 1.69 crore worth of assets disproportionate to his known sources of income from January 1, 2008, to July 30, 2016, during his tenure at the bank as chief general manager, executive director, and deputy managing director.
The probe into Batra’s assets was initiated after credit entries of Rs 60 lakh were found in his bank account prior to his retirement from the bank. These transfers were allegedly made by a resident of Gurugram who did not have sufficient funds in his bank account, raising suspicion that they were “accommodation entries” routed through shell companies.
During the investigation, the CBI discovered that Batra had sold his flat to the Gurugram resident and had received an advance payment of Rs 60 lakh for the sale. This amount formed a significant portion of the alleged disproportionate assets. When this Rs 60 lakh was excluded, the questionable assets fell below 10 percent of Batra’s total legal income—below the threshold fixed by the Supreme Court to warrant an investigation.
Based on these findings, the CBI decided to file a closure report in the matter, which was recently accepted by a special court.
Regarding the Kingfisher Airlines loan case, the agency has alleged that Batra colluded with Vijay Mallya in sanctioning some of the loans without following due diligence procedures. Batra was arrested in 2017 in connection with Rs 950 crore worth of bank loans extended by IDBI to Kingfisher Airlines, which later became non-performing assets and was declared fraudulent.
Listed as accused number eight in the CBI chargesheet, Batra was allegedly involved in all three loan sanctions granted to the airline. The CBI has stated that his role in the scam is “second only to the CMD.”
Last year, a special court in Mumbai rejected Batra’s application seeking discharge from the Mallya case.
*Disclaimer: This story is from a syndicated feed. No changes have been made except to the headline.*
https://www.freepressjournal.in/business/cbi-closes-disproportionate-assets-case-against-ex-idbi-deputy-md-batra-still-probed-in-950-crore-kingfisher-loan-fraud
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