Paramount Airways promoter's assets seized under PMLA case

Assets worth Rs 28.19 crore of Paramount Airways promoter M Thiagarajan have been attached under the anti-money laundering law, the ED said Thursday. It said a provisional order for attachment of assets has been issued by it under the Prevention of Money Laundering Act (PMLA) in a case related to alleged bank fraud by the accused and others.

"Immovable and movable properties worth Rs 28.19 crore have been attached under the PMLA in an ongoing investigation against M Thiagarajan and Ms Paramount Airways Private Limited, Madurai," the agency said in a statement. The ED had filed a criminal case against Thiagarajan on the basis of two separate chargesheets filed against him and others by the CBI.

The first charge sheet filed against him by the CBI was for causing wrongful loss to five nationalised banks to the tune of Rs 441.11 crore. The attached properties include 17 immovable assets in Madurai and Tenkasi and company shares, it said.

(With inputs from agencies.)