ED raids Jet founder’s premises

Tribune News Service
New Delhi, August 23

The Enforcement Directorate today conducted extensive searches at various places here and in Mumbai on the premises of Jet Airways’ founder Naresh Goyal in connection with a FEMA violation case against him, sources in the agency said.

Noting that the searches were conducted with an aim to gather additional evidence, the sources said, about a dozen premises in Mumbai and Delhi, including Goyal’s residence in Mumbai, were searched.

Proceedings under the Foreign Exchange Management Act (FEMA) are civil in nature and the ED is empowered to investigate under it.

Goyal was questioned by the Serious Fraud Investigation Office (SFIO) on Thursday in Mumbai in connection with allegations of some financial irregularities.

The sources said the probe 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% stake and is part of the Etihad Group. It was set up to manage and further develop JPMiles.