Mumbai: The Enforcement Directorate (ED) on Friday conducted multi-city searches at about 10 properties linked to Jet AirwaysNSE 4.86 % founder Naresh Goyal and his close associates, said sources aware of the development.
This is the first time the federal agency probing foreign investment in the defunct carrier’s loyalty programme has searched the embattled founder and his aides. The searches were made in New Delhi and Mumbai.
Besides Goyal, ED carried out raids at the premises of Hasmukh Gardi, who allegedly invested in Goyal’s Isle of Man-based Tail Winds Corporation that controls all financial activities of Jet Airways, the agency said.
“Gardi’s name was also revealed in Panama papers for holding fraudulent companies, (and) the source of the money invested in Tail Winds was from illegal activities. He now stays in Dubai,” added the agency.
As reported earlier by ET, the ED is also probing the possibility of an offence under the stringent Prevention of Money Laundering Act (PMLA) over alleged suspicious transactions found on the books of the airline.
Other than the Jet Privilege Pvt Ltd (JPPL) deal, the agency is also studying a tax evasion case of more than Rs 650 crore. “The searches follow the recent meeting ED officials had with the tax department,” said one of the above cited persons.
24/08/19 Rashmi Rajput/Economic Times
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This is the first time the federal agency probing foreign investment in the defunct carrier’s loyalty programme has searched the embattled founder and his aides. The searches were made in New Delhi and Mumbai.
Besides Goyal, ED carried out raids at the premises of Hasmukh Gardi, who allegedly invested in Goyal’s Isle of Man-based Tail Winds Corporation that controls all financial activities of Jet Airways, the agency said.
“Gardi’s name was also revealed in Panama papers for holding fraudulent companies, (and) the source of the money invested in Tail Winds was from illegal activities. He now stays in Dubai,” added the agency.
As reported earlier by ET, the ED is also probing the possibility of an offence under the stringent Prevention of Money Laundering Act (PMLA) over alleged suspicious transactions found on the books of the airline.
Other than the Jet Privilege Pvt Ltd (JPPL) deal, the agency is also studying a tax evasion case of more than Rs 650 crore. “The searches follow the recent meeting ED officials had with the tax department,” said one of the above cited persons.
24/08/19 Rashmi Rajput/Economic Times
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