CBI files charge sheet against pri­vate air­line

The Pak Banker - - Front Page -

NEW DELHI

The CBI has filed a charge sheet in a Delhi court against Para­mount Air­ways Pri­vate Ltd, for­mer CMD of Ori­en­tal In­sur­ance Co. Ltd and four oth­ers for al­legedly caus­ing wrong­ful loss to five PSU banks and the in­sur­ance firm against which claims of Rs 442 crore were raised due to pay­ment de­faults by the air­line.

In the charge sheet filed be­fore spe­cial judge Pradeep Chad­dah, the CBI said the ac­cused con­spired to cheat and cause loss to State Bank of In­dia, Bank of In­dia, In­dian Bank, Andhra Bank and IDBI and Ori­en­tal In­sur­ance 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.

The CBI al­leged that Chen­nai- based Para­mount Air­ways had taken credit in­sur­ance from Ori­en­tal In­sur­ance for its mul­ti­ple bank guar­an­tees to cover its transactions with state- owned oil com­pa­nies.

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