Mumbai: The Enforcement Directorate (ED) will on Friday file a case under the Prevention of Money Laundering Act (PMLA) against AirAsia’s global chief Tony Fernandes, some of his colleagues, as well as erstwhile top executives and nonexecutive director R Venkataramanan at AirAsia India, a source close to the development told ETon Thursday.
The ED, the key economic law enforcement agency in India, already has a case registered against AirAsia India under the Foreign Exchange Management Act.
The aforementioned individuals and some others have been also named by Central Bureau of Investigation (CBI) in an FIR for allegedly entering into a criminal conspiracy with the UPA government to change rules for getting overseas flying rights. Under its ongoing investigations, the CBI earlier this week raided various offices of AirAsia India. A second person in the know said there may be more raids.
Zulfiqar Memon, founder of MZM Legal and the lawyer representing AirAsia and Venkataramanan said he has no intimation of a fresh case by the ED yet and will take “appropriate steps” if and when it’s filed.
An AirAsia India spokesperson said the airline had no comment to offer.
Money laundering arguably is the most serious corporate crime in the country. It is when money through irregular transactions enters into the financial system and is layered with other forms of transactions to obliterate the original illegal format.
01/06/18 Anirban Chowdhury/Economic Times
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The ED, the key economic law enforcement agency in India, already has a case registered against AirAsia India under the Foreign Exchange Management Act.
The aforementioned individuals and some others have been also named by Central Bureau of Investigation (CBI) in an FIR for allegedly entering into a criminal conspiracy with the UPA government to change rules for getting overseas flying rights. Under its ongoing investigations, the CBI earlier this week raided various offices of AirAsia India. A second person in the know said there may be more raids.
Zulfiqar Memon, founder of MZM Legal and the lawyer representing AirAsia and Venkataramanan said he has no intimation of a fresh case by the ED yet and will take “appropriate steps” if and when it’s filed.
An AirAsia India spokesperson said the airline had no comment to offer.
Money laundering arguably is the most serious corporate crime in the country. It is when money through irregular transactions enters into the financial system and is layered with other forms of transactions to obliterate the original illegal format.
01/06/18 Anirban Chowdhury/Economic Times
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