New Delhi, Jan 23: The Central Bureau of Investigation (CBI) on Monday arrested former IDBI chairman and three ex-executives of IDBI bank and four Kingfisher Airlines executives in the Vijay Mallya loan default case, as per the sources. Terming the Rs 950 crore loan to the defunct Kingfisher Airlines as unsecured, the arrests were made by CBI.Also Read - Vijay Mallya To Be Extradited Soon, Formalities in Final Stages

Earlier in the day, it is been reported that CBI made searches in offices of Vijay Mallya-owned United Breweries group in Bengaluru. “A 12-member team of the CBI is searching the offices in the UB City with a search warrant from a Delhi court. We are providing logistical support and assistance to the team,” an official told IANS. Also Read - ED Raids Former Karnataka Minister Roshan Baig, Congress MLA Zameer Over IMA Ponzi Scam

It is also reported that the search was in connection with a FERA violation case against the group companies and Mallya. The investigating agency also said that the loan was sanctioned on the brand value of Kingfisher and the actual rating should have been ‘BBB’ and not just ‘BB’. Also Read - Fugitive Tycoon Vijay Mallya Declared Bankrupt by UK Court

The CBI has registered two cases against Mallya who had left the country after CBI circular changed the lookout circular against him.

As per reported by Economic Timesthe list of the nine people arrested by CBI today include:

1. A Raghunathan CFO KF Airlines
2 Shailesh Porkar AVP KF Airlines
3. Amit Nadkarni DGM Finance KF Airlines
4. AC Shah SR Manager Accounts KF Airlines
5. Yogesh Agarwal then CMD IDBI
6. BK Batra then Deputy MD IDBI
7. OV BUndelu then Deputy MD IDBI
8. SKV Srinivasan then ED IDBI
9. RS Sridhar then GM IDBI