Probe on 17 firms for taking loans for Mallya
The Serious Fraud Investigation Office (SFIO) has launched a probe against 17 firms for taking loans from banks to lend money to Vijay Mallya's now-defunct Kingfisher Airlines. Officials said this could increase the exposure of banks to the airline's ₹9,091.4 crore loan. However, the liquor baron reportedly has pledge-free assets worth over ₹5,500 crore that can be used as security.