Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

ED Searches Jet Airways Founder Naresh Goyal's Properties in Delhi, Mumbai

The premises of Jet Airways Naresh Goyal was searched by the Enforcement Directorate in a case of an alleged contravention of the foreign exchange law.

News18.com

Updated:August 23, 2019, 4:05 PM IST
facebookTwitterskypewhatsapp
ED Searches Jet Airways Founder Naresh Goyal's Properties in Delhi, Mumbai
File photo of Naresh Goyal.
Loading...

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

They said the searches are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence. Premises in Mumbai and Delhi are being searched, they said.

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 had said 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.

About a dozen premises in Mumbai and Delhi, including Goyal's residence in Maharashtra's capital, are being searched, they said. Proceedings under the FEMA are civil in nature.

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

Officials 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 a 49.9% 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 closed down 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.

Currently, Jet Airways is undergoing resolution process under the Insolvency and Bankruptcy Code.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results