shot-button
Subscription Subscription
Home > News > India News > Article > ED searches Jet Airways founder Naresh Goyals premises in Delhi Mumba

ED searches Jet Airways founder Naresh Goyal's premises in Delhi, Mumba

Updated on: 23 August,2019 03:48 PM IST  |  New Delhi
PTI |

The searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA), sources said

ED searches Jet Airways founder Naresh Goyal's premises in Delhi, Mumba

Naresh Goyal

The Enforcement Directorate conducted searches at the premises of Jet Airways founder Naresh Goyal on Friday in connection with a case of alleged contravention of the foreign exchange law, officials said.


According to the officials, the searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence. About a dozen premises in Mumbai and Delhi, including Goyal's residence in the former, are known to have been searched.


Proceedings under the FEMA are said to be civil in nature. Goyal was also questioned by the Serious Fraud Investigation Office (SFIO) on Thursday in Mumbai in connection with allegations of some financial irregularities.


Officials further said the federal agency is also looking at the airline's stake in Jet Privilege Pvt Ltd (JPPL), set up in 2012, as part of the latest searches. JPPL is an independent entity in which Jet Airways has 49.9 per cent stake and is part of the Etihad Group. It was set up to manage and further develop JPMiles, a loyalty and rewards programme.

A few executives of the now defunct airline were questioned by the ED in this case in the past as part of ascertaining if FEMA and RBI guidelines were followed while inking this deal. A full-service carrier, Jet Airways shuttered operations on April 17 after running out of cash.

A Ministry of Corporate Affairs (MCA) inspection report had found large-scale irregularities, including diversion of funds, at the airline, sources mentioned in July. In March, Goyal stepped down as chairman of the airline. Currently, Jet Airways is undergoing resolution process under the Insolvency and Bankruptcy Code.

Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!


Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK