Chennai, mar 7 : The Enforcement Directorate (ED) on Thursday provisionally attached immovable and movable properties to the tune of Rs.28.19 crore of (now defunct) Paramount Airways under the Prevention of Money Laundering Act, 2002 (PMLA) in an ongoing investigation.
An ED release here said the attached immovable properties include factory premises of M/s Paramount Mills P Limited, a company belonging to M.Thiagarajan, who is currently running and controlling it in the name of M/s Briar Knoll Mills Private Limited.
The investments of Mr Thiagarajan in Paramount Textile Mills in the form of shares have also been attached.
He was the promoter and the Managing Director of Paramount Airways Private Limited, a commercial airline company, which till 2010 were operating airlines in the domestic sector.
The Airways availed various credit facilities from five nationalized banks on the basis of credit insurance policies issued by Oriental Insurance Company Limited.
The ED initiated investigation under the provisions of PMLA on the basis of two separate chargesheets filed by CBI against Thiagarajan and Paramount Airways.
The first chargesheet was for causing wrongful loss to five banks to the tune of Rs.441.11 crores, while the second was for fraudulently obtaining Scheduled Operator Permit (SOP) from the DGCA, Ministry of Civil Aviation by misrepresentation and falsification of documents.
Further, Thiagarajan also fraudulently and illegally diverted funds to the tune of Rs.19.68 Crores to an account in Singapore, which during investigation, revealed to be his own entity and registered with BV Island.
In addition, further to the de-registration of his aircraft, he had fraudulently and illegally diverted aircraft spares/parts which were hypothecated to the lending banks without their to overseas entities and diverted the proceeds to his group entities.
The ongoing investigation resulted in identification of 17 immovable properties of Thiagarajan at Madurai and Tenkasi.
''As these assets were found to be involved in money laundering as per the provisions of PMLA, the same have been attached provisionally'', the release said.Further investigations were in progress. (UNI)