FEMA violations: Jet Airways founder Naresh Goyal questioned by Enforcement Directorate

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Mumbai | Updated: September 7, 2019 6:34:52 AM

Last month, the ED raided offices of Jet Airways, Goyal and his associate Hasmukh Gardi. Raids were also conducted in Goyal’s residence.

Jet Airways insolvency, Jet Airways crisis, Jet Airways founder, Jet Airways ceo, naresh goyal, Jet Airways insolvency news, Jet Airways insolvency case, Jet Airways insolvency plea, Jet Airways insolvency process, Jet Airways insolvency india, Jet Airways insolvency proceedingsGoyal was questioned at length at the Mumbai office of the ED regarding a slew of dubious transactions.

Jet Airways founder Naresh Goyal was questioned by the Enforcement Directorate on Friday for alleged violations under the Foreign Exchange and Management Act (FEMA). Goyal was questioned at length at the Mumbai office of the ED regarding a slew of dubious transactions.

Last month, the ED raided offices of Jet Airways, Goyal and his associate Hasmukh Gardi. Raids were also conducted in Goyal’s residence.

“Preliminary investigations done so far indicate that Shri Goyal has structured various tax evading schemes involving its domestic companies and the companies in foreign tax jurisdiction thereby siphoning off huge amount in foreign jurisdictions through dubious/fictitious transactions,” the agency said in a release last month.

The ED also found evidence of fictitious payments made to some foreign entities under various airline lease and aircraft maintenance agreements. “Huge amounts appear to have been sent abroad by way of inflated commission to its own group entity in Dubai which acted as the airline’s exclusive overseas general sales agent (GSA),” the ED said.

Investigations also revealed that Goyal may own multiple foreign bank accounts having huge deposits.

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