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News BJP Alleges Manmohan Singh And Chidambaram Helped Vijay Mallya Get Loans

BJP Alleges Manmohan Singh And Chidambaram Helped Vijay Mallya Get Loans

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The Bharatiya Janta Party (BJP) on Monday has claimed that UPA government especially former Prime Minister Manmohan Singh and former Finance Minister P Chidambaram helped Vijay Mallya get huge loans to collateral Kingfisher Airlines.

Former Prime Minister Manmohan Singh

BJP spokesperson Sambit Patra said in a press conference-:

“A bail-out package was given to Kingfisher Airlines on Manmohan Singh’s insistence. Not only that, only on the former Prime Minister’s insistence, the income tax department went soft on Mallya and his accounts were also unfrozen,”

He added-:

“We have certain emails, letters, and correspondence that will expose these hands. Again and again, the kind indulgence of then PM was sought by Mallya. The often asked question has been why Mallya was given a loan of Rs 9,000 crore despite a very poor rating of the company; their accounts not being in order. Were their certain hands pulling the strings from behind,”

IDBI has sanctioned a total loan of Rs 860.92 crore. Due to an intervention by Manmohan Singh and Chidambaram, both IDBI and SBI went ahead and sanctioned loans despite the weak financials of the airline.

Vijay Mallya

Patra read out emails and letters which were sent by Mallya to Manmohan Singh and Chidambaram. Other banks that gave loans to kingfisher include Axis Bank, Punjab & Sind Bank, United Bank of India, Indian Overseas Bank, Corporation Bank, Federal Bank, State Bank Of Mysore, Jammu and Kashmir, UCO Bank and Bank of Baroda.

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