CBI on Monday raided the office of the Paramount Group and residence of Paramount Airways Managing director M Thiagarajan in connection with alleged financial transactions.
CBI officials said the raids were conducted in connection with non-repayment of a large amount of bank loans, but refused to give details.
Some officials said the raids could also be linked to the recruitment of pilots by the group.
The planes of Paramount Airways were de-registered in 2010, following which they could not operate their flights for some technical reasons. A legal battle is on.