Friday, October 7, 2022

ED questions Jet Airways founder Naresh Goyal

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Mumbai: The Enforcement Directorate (ED), which is probing a case of alleged violation of foreign exchange law, questioned Jet Airways founder Naresh Goyal on Friday. This is the first time that the investigative agency interrogated Goyal after it conducted searches against him last year.

Officials said that Goyal’s statement was recorded under the Foreign Exchange Management Act (FEMA) at the agency’s zonal office.

The backdrop

Authorities had conducted a search at Goyal’s Mumbai residence, his group companies, their directors and offices of Jet Airways in August. Agency sources said that out of Goyal’s 19 privately-held companies, five were registered abroad.

The ED is investigating if these firms allegedly carried out transactions that were doubtful in nature under the guise of selling, distribution and operating expenses. The agency suspects that these companies were allegedly booked at fake and high costs and as a result, projected huge losses.
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