CBI raids Paramount Group office, airline’s MD

Madurai: CBI on Monday raided the office of
the Paramount Group and residence of Paramount Airways
Managing Director M Thiagarajan in connection with alleged
financial transactions.

CBI officials said the raids were conducted in
connection with non-repayment of a large amount of bank loans,
but refused to give details.

Some officials said the raids could also be linked to
the recruitment of pilots by the group.

The planes of Paramount Airways were de-registered in
2010, following which they could not operate their flights for
some technical reasons. A legal battle is on.

PTI