Political pressure got Vijay Mallya massive bank loans

Massive bank loans to Vijay Mallya, owner of the defunct King Fisher Airlines, goes to the credit of political bosses, the Enforcement Directorate, which has given KFA owner time till April to appear before it, has found out. As if making a big discovery, the ED said on Wednesday that this was the indirect revelation following the grilling of the former chief of Industrial Development Bank of India, Yogesh Agarwal, who had given Rs 950 crore loan to the airline. Besides, the bank credit was given within 3 weeks of the application, the ED further found out, suggesting `pressure from the top' for the faster clearance. It said there was `political intervention' on behalf of Mallya. Asked about the speed of the Mallya application clearance, Agarwal said `Profit and loss are part of the business.' Questioned about the loans despite the negative credit rating, the bank officials said they were told to consider `the brand value of Kingfisher Airlines.' The ED was going to question other officials of the IDBI also in this connection. The bank meanwhile said: `IDBI Bank has sanctioned loans to KFA following due process and prevailing guidelines.' The bank has co-operated fully with the CBI and provided all clarifications sought in the matter. The IDBI and 16 other banks later moved the Debt Recovery Tribunal for the recovery of their dues.