The Enforcement Directorate (ED) is trying to verify if 19 of grounded Jet Airways Group’s entities violated
the Foreign Exchange Management Act (FEMA) over the last 10 years, sources told Mirror.
Five of the entities under scanner are based abroad.
The official said the entities are suspected to have siphoned off foreign exchange. The agency will also ask the Group to furnish details related to certain overseas bank accounts holding sizeable deposits. The agency had initiated a FEMA investigation against the Group last month and conducted searches at 12 of its official and residential premises in Mumbai and Delhi.
The probe is based on several complaints and intelligence inputs about the alleged irregularities in the Group’s forex transactions. According to sources, apart from the 19 firms, the ED is also investigating certain firms located in international tax havens that were allegedly indirectly controlled by the Group.
“We are probing allegations that the Jet Group had structured various tax-evasion schemes with the help of its domestic and overseas firms, thereby siphoning off huge amounts to foreign jurisdictions through dubious, fictitious transactions,” said an ED source. “Inflated payments were seemingly made to some of the overseas entities under overheads like airline lease agreements, aircraft maintenance agreements,” the source said.
05/09/19 Abhishek Sharan/Mumbai Mirror
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Five of the entities under scanner are based abroad.
The official said the entities are suspected to have siphoned off foreign exchange. The agency will also ask the Group to furnish details related to certain overseas bank accounts holding sizeable deposits. The agency had initiated a FEMA investigation against the Group last month and conducted searches at 12 of its official and residential premises in Mumbai and Delhi.
The probe is based on several complaints and intelligence inputs about the alleged irregularities in the Group’s forex transactions. According to sources, apart from the 19 firms, the ED is also investigating certain firms located in international tax havens that were allegedly indirectly controlled by the Group.
“We are probing allegations that the Jet Group had structured various tax-evasion schemes with the help of its domestic and overseas firms, thereby siphoning off huge amounts to foreign jurisdictions through dubious, fictitious transactions,” said an ED source. “Inflated payments were seemingly made to some of the overseas entities under overheads like airline lease agreements, aircraft maintenance agreements,” the source said.
05/09/19 Abhishek Sharan/Mumbai Mirror
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