ED searches Jet Airways founder Naresh Goyal’s properties in Delhi, Mumbai

PTI, Aug 23, 2019, 3:18 PM IST

New Delhi: The Enforcement Directorate conducted searches on Friday 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.

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