The Enforcement Directorate (ED) on Friday carried out searches at over a dozen locations in Delhi and Mumbai, including at the residence of Jet Airways founder Naresh Goyal.
A senior ED official told IANS that "searches are on at over a dozen locations in Delhi and Mumbai." He said the residence of Jet Airways founder Goyal is also bring searched.
A full-service carrier, Jet Airways shuttered operations on April 17 after running out of cash. In March, Goyal had stepped down as chairman of the airline. On May 25, Goyal and his wife Anita Goyal were stopped from leaving the country by immigration authorities at Mumbai airport minutes before their aircraft was about to take off for London via Dubai
“Indian laws prohibit the foreign investment of more than 49% in most sectors. In the present case, Etihad stake in JPPL was classified as an “ air transport service firm”- a sector that allows more than 49 % FDI through automatic route. The probe will ascertain if this was arrangement struck between the two in order to get more FDI in the airline and if the said arrangement was violative of the FDI investments norms,” explained another official.
The ED official said the searches are being conducted under the provisions of the Foreign Exchange Management Act (FEMA), and are aimed at gathering additional evidence of the alleged irregularities committed by the grounded airline, including diversion of funds.
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