September 23, 2019

Enforcement Directorate Likely To Begin Independent Probe Into Jet Airways’ Books To Look For Alleged Funds Diversion

[ By Bobby Anthony ]


The Enforcement Directorate (ED) is likely to initiate an independent probe into the books of Jet Airways to look for alleged diversion of funds.

The development has come shortly after the investigating agency questioned Jet Airways founder Naresh Goyal recently.

Earlier, the agency had found gaps in an audit carried out by the State Bank of India (SBI), which did not go into the details of funds trails and alleged diversion of funds.

It may also be recalled that the probe agency had questioned Goyal at its Mumbai office for alleged contravention of the foreign exchange law, almost a month after it conducted searches against him in August.

In August, the ED had searched several premises, including Goyal's Mumbai residence, his group companies, their directors and the offices of Jet Airways.

According to the ED, Goyal had registered 19 privately held companies, five of which were registered abroad.

The ED has been probing charges that these firms allegedly carried out transactions of a doubtful nature under the guise of selling, distribution and operating expenses.

The cengral government had also informed the Delhi High Court that Goyal was not co-operating with the probe which pertained to alleged fraud of Rs 18,000 crore.

In March, Naresh Goyal and his wife Anita Goyal had resigned from the board of Jet Airways after a debt restructuring plan. He had also resigned as the chairman of the airline which faces insolvency proceedings.

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