Panaji: CBI sleuths raided the posh residence here of liquor baron Vijay Mallya, who is being probed in connection with the Rs. 900 crore bank loan to his now defunct Kingfisher Airlines.

The probing agency sources said searches were carried out at the residence and offices of Mallya in Goa, Mumbai, Bangalore and other places.

The CBI has also searched premises of Kingfisher chief financial officer A. Raghunathan and unnamed officials of IDBI Bank on same charges. Despite the warning, the Bank went ahead and extended the loan to the Airline.

The CBI’s raids are part of a broader effort to investigate bad loans at public sector banks. SBI and various other banks have a total exposure of about Rs 6,500 crore in Vijay Mallya-promoted Kingfisher Airlines.

A few of the banks in the consortium have already declared Mallya as a “wilful defaulter”.

A consortium of 17-state-owned financial lenders led by India’s largest lender State Bank of India was formed to recover the money from the airline company. CBI sources said the agency had registered a preliminary enquiry past year after the bank failed to provide convincing answers on reasons to extend the loan to the crisis-ridden airline.

Mallya’s debt-ridden Kingfisher Airlines stopped operations in 2012, but remains involved in multiple investigations. It lost its operator’s licence on October 20, 2012.

Saturday’s raids are the newest in a string of investigations across the flamboyant Mallya, inheritor to United Beverages, which makes Kingfisher beer.

Mallya owns a “Hollywood” style Kingfisher Villa at Candolim in Goa. Reportedly, the property was originally hypothecated to Punjab National Bank in 2010.