CBI registers case against Parmount Airways, promoter

By: |
Chennai | Published: May 6, 2016 5:40:22 AM

The Central Bureau of Investigation (CBI) has registered a case against the now defunct Madurai-based regional airline Paramount Airways and its promoter & managing director M Thiagarajan for allegedly diverting loan to off shore accounts.

The Central Bureau of Investigation (CBI) has registered a case against the now defunct Madurai-based regional airline Paramount Airways and its promoter & managing director M Thiagarajan for allegedly diverting loan to off shore accounts.

Post registering the case, the CBI sleuths swung into action and carried out searches at seven locations at Chennai and Madurai including residential and office premises of Thiagarajan. The CBI alleged that Thiagarajan had submitted fake and false documents to get scheduled operator’s licence and had also opened an off shore account in the name of the company.

The CBI in a statement said: “The allegations are that the then managing director/ promoter of Madurai-based private airlines had disposed off/sold the moveable and fixed assets without the knowledge /permission of the banks which had extended credit facilities to said airlines. These assets were hypothecated to them. It was also alleged that these proceeds were thereafter misappropriated by the promoters of the company.”

Thiagarajan was not immediately available for comments.

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