ED likely to initiate an independent probe, mounts trouble for Jet Airways founder Naresh Goyal

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The Enforcement Directorate (ED) is expected to begin an independent investigation into the books of cash-strapped Jet Airways. According to a person familiar with the development, it’s stacking trouble for the airlines, and it’s founder Naresh Goyal as the company has already been under the scan for alleged diversion of funds.  

 

ED versus Jet Airways

Business Standard reported that the ED had raised objectives against SBI commissioned audit of Jet Airways ledgers, as its investigative findings in the case were significantly modified. The State Bank of India that led the lenders’ union for Jet Airways had designated accounting company EY the previous year to perform an audit on the airline. 

An official familiar with the happenings told that the agency is yet to decide how it will proceed as the investigation is still on and has observed some gaps.

Naresh Goyal had 19 privately registered companies, five out of which were registered abroad. In August, the Enforcement Directorate examined many premises, including the founder’s Mumbai residence, his group companies, their directors and Jet Airways’ offices. The ED probes charge that these companies supposedly carried out “doubtful” transactions under the appearance of selling, distribution, and operating expenses.

The founder and his wife Anita have resigned from the board of Jet Airways in March following a debt restructuring plan. He also resigned as the chairman of the airline which has been facing insolvency issues. Earlier, Goyal denied the allegations pertaining to an alleged fraud of Rs 18,000 crore, informed by Centre to the Delhi High Court.

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A passionate writer with bachelor’s in the field of English & Journalism. Other than being a bibliophile, some of her hobbies are travelling, photography and poetry.

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