ED files money laundering case against Jet Airways' Naresh Goyal

Goyal and his wife were earlier questioned by the agency on multiple occasions for violations under the Foreign Exchange Manipulation Act (FEMA).

In August 2019, the ED probed diversion of funds from loans borrowed by Jet Airways in the period of over a decade. Goyal and others had allegedly misused loans borrowed from various banks and diverted it to foreign countries through ghost companies.

The company took loans totalling around Rs 9,000 crore from various institutions and the ED suspects that more than 20 to 30 percent of this sum was laundered overseas. The ED carried out raids and searches at 12 locations across Mumbai and Delhi in relation to the case under FEMA.

Goyal’s statement was recorded by the agency at his Delhi residence. ED also raided the premises of Hasmukh Gardi, a close aide of Goyal.

Gardi was promoter of Jet Airways for a long time and his company Tail Winds Corporation was floated by Goyal in the Isle of Man, Europe.

ED suspects that the initial funding to the company was done by some elements from the underworld.

Gardi name also appeared in the 2016 Panama papers leak. He is also under investigation by the ED and Income Tax Department in a case filed under the Foreign Exchange Management Act and Black Money Act, respectively.

A source told Moneycontrol that Garidi owned around two dozen shell companies and his Carmichael Road premises was raided by ED sleuths on March 5.

The Serious Fraud of Investigation Office and Income Tax Department are also investigating Jet Airways in this matter. Goyal tried to flee the country but was detained at the airport.