The Enforcement Directorate found that Jet Airways paid a higher commission to their agents, and in most of the cases, the commissions were paid to these companies were non-existent. In another method, expenditures were inflated, and the money was sent money overseas.
The Enforcement Directorate (ED) suspects that Jet Airways approximately diverted 20-30 percent of its bank loans overseas.
The Enforcement Directorate also conducted searches at Tail Wind Corporation's promoter Hasmukh Gardi, who was the main shareholder of Jet Airways. Forex transactions carried out over the last ten years are also being investigating by Directorate.
The ED has conducted searches at 12 locations, which included Naresh Goyal's house in New Delhi, the offices of Jet Airways and the residence of Hasmukh Gardi's son-in-law at Carmichael Road in Mumbai.
Jet Airways secured loans worth of Rs 9,000 crore, of which 20-30 percent of the money was sent overseas through inflated invoices. The ED is suspects misappropriation in the transactions that Jet carried out with an Ireland-based company from where planes were leased.
The ED found that Jet Airways paid a higher commission to their agents, and in most of the cases, the commissions were paid to these companies were non-existent. In another method, expenditures were inflated, and the money was sent money overseas.
The ED is also investigating the investments that were carried out by Tail Wind. In 1992, before starting Jet Airways, Tail Winds Corporation operated from the Isle of Man, which is a small island that is a dependency under the United Kingdom.
Hasmukh Gardi also invested in Tie Winds Corporation in 1992, and became a shareholder of Jet Airways as well. Hasmukh Gardi, who was named in Panama Papers, is also suspected with having links to the underworld. Currently, he is residing in Dubai.
The Enforcement Directorate has also recorded the statement of Naresh Goyal. Moneycontrol learnt that all of Goyal's operations carried out since 2005 are under the scanner. The ED is also looking into the investment carried out by Etihad Airways in Jet Privilege Private Limited (JPPL). Etihad picked up a 50.1 percent stake in JPPL through the investment in 2014.
Apart from Enforcement Directorate, the Serious Fraud Investigation Office, and the Income Tax department are also investigating into the matter.The airline is undergoing bankruptcy resolution proceedings under the Mumbai bench of the National Company Law Tribunal.Are you happy with your current monthly income? Do you know you can double it without working extra hours or asking for a raise? Rahul Shah, one of the India's leading expert on wealth building, has created a strategy which makes it possible... in just a short few years. You can know his secrets in his FREE video series airing between 12th to 17th December. You can reserve your free seat here.