New Delhi: The CBI has filed a charge sheet against Paramount Airways promoter M Thiagarajan and three others for alleged cheating in getting scheduled operator license and diverting loan funds worth Rs 19 crore from nationalised banks to a Swiss bank, officials said today.
The agency had registered the case on April 30, 2016 against Mr Thiagarajan for alleged cheating in showing minimum capital of Rs 10 crore required to get scheduled operator's license and diversion of bank loans to his other companies, the officials said.
During the investigation, the CBI found that Mr Thiagarajan had submitted fake documents to get a scheduled operator's licence and had also opened an offshore account in the British Virgin Islands in the name of his company Golden Lotus Leasing Corporation which was headquartered in Singapore.
He allegedly diverted loans from the State Bank of India, Andhra Bank, Indian Overseas Bank and Bank of India to the offshore account between April 2008 and October 2010, they said.
The agency has alleged in the charge sheet filed in the Patiala House court that the company moved the assets which were hypothecated to banks for loans to run airlines without their knowledge.
It is alleged that the accused regularly siphoned off large amount of money and showed them as payment towards lease rental-engine access.
The CBI has also alleged that he had "induced" the Directorate General of Civil Aviation to issue a no-objection certificate for scheduled operators permit by submitting false and fabricated information about the eligibility criteria.
Paramount Airlines started operations in 2005 and was flying to south and eastern parts of India before it wound up operations in 2010.