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Enforcement Directorate searches Jet founder Naresh Goyal's properties

The operation was conducted under the Foreign Exchange Maintenance Act

By PTI in New Delhi
  • Published 23.08.19, 4:13 PM
  • Updated 23.08.19, 4:13 PM
  • a few seconds read
Naresh Goyal. PTI file photo

The Enforcement Directorate conducted searches on Friday in properties of Jet Airways founder Naresh Goyal in Delhi and Mumbai in connection with a case of alleged contravention of the foreign exchange law, officials said.

They said the searches were under provisions of the Foreign Exchange Management Act (FEMA) and aimed at gathering additional evidence.

A full-service carrier, Jet stopped operations on April 17 after running out of cash.

A ministry of corporate affairs inspection report had found largescale irregularities, including diversion of funds at the airline, sources had said in July.

In March, Goyal stepped down as chairman of the airline.

Currently, Jet Airways is undergoing a resolution process under the Insolvency and Bankruptcy Code.