The Enforcement Directorate (ED) has started investigating certain financial transactions by Naresh Goyal, former Chairman of now-defunct Jet Airways, with a bank in the United Arab Emirates (UAE).
An official of the UAE-based bank was also summoned and questioned by the agency in this regard.
Goyal's interrogation by the ED , which began in the afternoon on March 4, continued till late evening on March 5. A source told Moneycontrol that the questioning may go on till March 6.
Goyal has been charged with laundering Rs 2,000-3,000 crore overseas. Jet Airways took loans totalling around Rs 9,000 crore from various institutions and the ED suspects that more than 20-30 percent of this sum was laundered overseas.
The ED carried out raids and searches at 12 locations across Mumbai and Delhi in connection with the case under the Foreign Exchange Management Act (FEMA).
ED had registered a case against Goyal under the Prevention of Money Laundering Act (PMLA) earlier this week.
This after a court order directed the Mumbai Police to register a case against Goyal and his wife Anita under various sections of the Indian Penal Code (IPC) for allegedly cheating Mumbai-based Akbar Travels of India to the tune of Rs 46 crore. The complaint was lodged by company CFO Rajendran Neruparambil.
Goyal and his wife were earlier questioned by the agency on multiple occasions for violations under 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.
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 the 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's 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 FEMA and Black Money Act, respectively.
A source told Moneycontrol that Gardi owned around two dozen shell companies and his Carmichael Road premises were 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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
