CBI Raids Paramount Premises

The CBI also said that Paramount Airlines had induced the Director General Civil Aviation to issue NOC.

Published: 06th May 2016 03:25 AM  |   Last Updated: 06th May 2016 03:40 AM   |  A+A-

CHENNAI: The CBI raided seven places in Chennai and Madurai belonging to the defunct Paramount Airways on Thursday after filing a case against its promoter M Thiagarajan for defrauding banks. CBI said that Thiagarajan had disposed of the assets without the knowledge or permission of the banks which had extended credit facilities to the airlines.

The airline, which was started in 2005, had wound up its operation in 2010.

It is alleged by the CBI that Thiagarajan in the period of April, 2008 to October, 2010 siphoned off large amounts of money to the accounts of offshore firms, showing them as payment towards ‘Lease Rental-Engine’ access.

The CBI also said that Paramount Airlines had induced the Director General Civil Aviation to issue NOC to get the scheduled operators permit by submitting fabricated information.

It is also learnt that the company had submitted a plan to re-start the operation with six ATR aircraft in 2013 but it was nipped after the banks wrote to the DGCA.

Stay up to date on all the latest Chennai news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp