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Kingfisher Airlines comes under scanner for diverting funds to tax havens

Kingfisher Airlines had allegedly diverted a substantial chunk of Rs 4,000 crore in loans secured from public sector banks to tax havens which has now come under the scanner of the CBI that has expanded its probe in the matter.

The material recovered during searches yesterday indicated that the airlines, which stopped flights in October 2012, has allegedly diverted part of loans taken from 11 nationalised banks, with total exposure of Rs 4,000 crore, to tax haven countries for different purposes not specified in loan applications, sources claimed.

They claimed that the agency will be expanding the ambit of the probe from Rs 900 crore loan from IDBI bank to loans received from 10 other public sectors banks as well which have total additional exposure of Rs 3,100 crore to the company.

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