The Enforcement Directorate on Friday conducted searches at Jet Airways founder Naresh Goyal’s properties in Mumbai and Delhi in connection with a case of alleged contravention of foreign exchange law, PTI reported.
The directorate has started a preliminary investigation into the alleged Foreign Direct Investment violations when airline company Etihad acquired stakes in Jet Privilege Private Limited in 2014, according to NDTV.
In June, Jet Airways (India) Ltd was referred to the National Company Law Tribunal for bankruptcy proceedings. The decision was taken after the company’s lenders were unable to find a suitable investor and received only a conditional bid. Jet first defaulted on loan repayment in January. Since then, negotiations were on between the banks, Goyal, and the company’s strategic partner Etihad Airways to invest in the airline.
Naresh Goyal and his wife Anita Goyal resigned from the airline’s board of directors in March. On April 17, the carrier decided to temporarily suspend all domestic and international operations. The decision was taken after its lenders declined to provide emergency funds.
Meanwhie, ANI reported that the Delhi High Court on Friday allowed Naresh Goyal to withdraw his plea to travel abroad. In July, the court had he court had issued a notice to the Centre on the businessman’s plea challenging a lookout notice against him, and told him to deposit Rs 18,000 crore with the court if he wished to fly abroad.