Was the Jet Airway crisis even for real? Suspecting fake expenses, ED alleges founder Naresh Goyal of breaching FEMA

New Delhi, September 06: Suspecting expenses at Jet Airways companies, being allegedly booked at fake and high costs resulting in projected huge losses, ED on Friday has moved up questioning Jet Airways founder Naresh Goyal, alleging contravention of the foreign exchange law.

 

 

This is the first ever time that the central agency is grilling him after it conducted searches against him last year. The agency is probing charges that these firms allegedly carried out doubtful transactions under the guise of selling, distribution and operating expenses.

 

Goyal's statement meanwhile has been recorded under the Foreign Exchange Management Act (FEMA) at the agency's zonal office.

A dozen premises, including Goyal's Mumbai residence, his group companies, their directors and offices of Jet Airways, were searched in August. According to agency, the businessman's empire had 19 privately-held companies, five of which were registered abroad.

 

After successfully posting its services for over 26 years, Jet Airways served its last flight on 17th of April this year amid a cash drought, crisis-riddled, with its lenders refusing to back the concern. With this dejected decision, the employment of around more than 22,000 individuals went into a canvass.