Monday, June 11, 2018

AirAsia Money Laundering Case: ED Collects FDI Approval Documents From Commerce Ministry

The enforcement directorate (ED) has collected documents from the commerce and industry ministry's department of industrial policy and promotion (DIPP) relating to FDI clearances. A senior official told Press Trust of India that ED investigators collected up a number of documents last week from the Department of Industrial Policy and Promotion (DIPP) as part of the investigation. The DIPP deals with rules and norms pertaining to foreign direct investment (FDI). Air Asia being a Malaysian airline needed FDI approvals from the then FIPB board to launch airline in India .The files collected by the enforcement directorate relate to the same approvals granted to the air carrier that allowed it to fly in Indian skies.

Allegations of FDI through corrupt means: There are essentially two allegations against Air Asia. The first is that the Malaysian air carrier got licence to fly in India by seeking FDI permission through corrupt means. ED said it will go into the money trail of the accused and the entire deal and a joint probe by the CBI and ED is expected to go forward in the case.
10/06/18 NDTV