Delhi: CBI faces flak in pvt airline graft case

New Delhi: The Central Bureau of Investigation (CBI) has been pulled up by a special court for giving clean chit to some bank officials in a case involving a private airlines and a former CMD of Oriental Insurance Company Ltd for allegedly causing loss of about Rs 442 crore to five public sector banks.

According to the CBI chargesheet, Paramount Airways Pvt Ltd, its MD M. Thiagrajan, then Oriental Insurance Company Ltd CMD M. Ramadoss, and three other officers were accused of causing wrongful loss to five public sector banks and the insurance company, against which claims of Rs 442 crore were raised due to payment defaults by the airline.