Assets worth Rs 28.19 crore of Paramount Airways promoter M Thiagarajan have been attached under the anti-money laundering law in a case related to alleged bank fraud, the ED said on Thursday.
It said a provisional order for attachment of assets has been issued by it under the Prevention of Money Laundering Act (PMLA).
Seventeen immovable assets in Madurai and Tenkasi (Tirunelveli) and company share investments held by Thiagarajan have been seized as part of the latest action, it said.
“Immovable and movable properties worth Rs 28.19 crore have been attached under the PMLA in an ongoing investigation against M Thiagarajan and Paramount Airways Private Limited, Madurai,” the agency said in a statement.
Thiagarajan was the promoter and the managing director of Paramount Airways Private Limited, a commercial airline company, which till 2010 was operating in the domestic sector, it said. It started operations in 2005 and was flying passengers to south and eastern parts of India.
Paramount Airways Private Limited availed various credit facilities from five nationalised banks on the basis of credit insurance policies issued by Oriental Insurance Company Limited, the agency said.
