The CBI has registered case against promoters of Paramount Airways on allegations of defrauding, diverting loan amount and cheating public sector banks. File photo

Raids premises of its promoter Thyagrajan

The CBI has registered case against promoters of Paramount airways on allegations of defrauding, divertingloan quantity and cheating public zone banks.

Searches were being performed at seven locations at Chennai and Madurai, including residential and officepremises of its promoter Thyagrajan and the agency functionaries.