The Enforcement Directorate has provisionally attached immovable and movable properties worth ₹28.19 crore in an ongoing investigation against M Thiagarajan and Madurai-based Paramount Airways Private Ltd.
The ED has initiated this action under the Prevention of Money Laundering Act, 2002 (PMLA). The attached immovable properties include factory premises of Paramount Mills P Ltd, a company belonging to Thiagarajan, who is currently running and controlling it in the name of Briar Knoll Mills Private Ltd.
The ongoing investigation against Thiagarajan resulted in identification of 17 immovable properties at Madurai and Tenkasi in Tamil Nadu. As these assets were found to be involved in money laundering as per the provisions of PMLA, the same have been attached provisionally.
