Chargesheet filed against Paramount
A chargesheet was filed by the CBI in a special court here against Chennai based Paramount Airways Private Ltd, a former CMD of Oriental Insurance Co. Ltd (OICL) and four others accusing them of cheating five PSU banks of Rs 442 crore.
The chargesheet accused Paramount Airways of hatching a conspiracy to cheat and thus causing loss to State Bank of India, Bank of India, Indian Bank, Andhra Bank and IDBI and Oriental Insu
rance Co Ltd (OICL), a government undertaking, which had to bear claims of Rs 442 crore on default of payment by Paramount Airways to the banks.
Besides the airline, the others named in the chargesheet as accused are M.
Ramadoss, the then CMD of OICL, M. Thiagrajan, MD of the airline, V. Harshvardhan, former deputy general manager of OICL, Niraj Kumar, OICL general manager, and Chandra Shekhar Tandon, DGM of OICL.
“The case was registered in July 2011 on a complaint against Ramadoss and others for causing wrongful loss to the government of India,” the CBI said.
“The entire sum insured was in the net of the company’s account. Claims were lodged by the banks for Rs 441 cr, which was to be absorbed by OICL as no recovery of this amount was possible in absence of re-insurance support (with Paramount),” it said.
The probe agency said Ramadoss entered into a criminal conspiracy with Thiagrajan, abused his official position and favoured the airline in issuance of 220 credit insurance policies during 2005-10.
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