The Central Bank of India (CBI) has charged against Paramount Airways Private, as well as the former chief managing director of Oriental Insurance 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. The CBI says that 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), which had to bear claims of Rs 442 crore on default of payment

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