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CBI files case against Paramount promoters

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New Delhi, May 5:

The CBI on Thursday filed a case against promoters of the now defunct Paramount Airways for allegedly cheating and defaulting on multi-crore loans taken from public sector banks.

CBIOfficials said search operations were on in at least seven locations in Chennai and Madurai. These include the office and residences of M. Thiagarajan, who headed the airline that started operations in 2005. It was closed in early 2010. (IANS)