Enforcement Directorate Raids Jet Airways Founder Naresh Goyal’s Premises In Delhi, Mumbai
Naresh Goyal, former chairman and founder of Jet Airways (India) Ltd. (Photographer: Jason Alden/Bloomberg)

Enforcement Directorate Raids Jet Airways Founder Naresh Goyal’s Premises In Delhi, Mumbai

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The Enforcement Directorate has conducted raids at the Delhi and Mumbai premises of Jet Airways (India) Ltd.’s founder Naresh Goyal in connection with a case of alleged contravention of foreign exchange laws, officials said Friday.

According to the ED officials, the searches are being carried out under the provisions of the Foreign Exchange Management Act, 1999, and are aimed at gathering additional evidence.

Jet Airways, at present, is undergoing resolution under the Insolvency and Bankruptcy Code because its lenders have failed to find a buyer for the debt-ridden airline.

The full-service carrier was was grounded on April 17 for want of funds.

An inspection report of the Union Ministry of Corporate Affairs has found large-scale irregularities, including diversion of funds, at the airline, sources said in June.

Goyal had stepped down as chairman of the airline in March.

On Friday, Jet Airways shares rose 4.87 percent to Rs 34.45 apiece on the BSE while the benchmark Sensex gained 0.63 percent to end the day at 36,701.16 points.

Also read: India Allows Airlines To Use Jet Airways’ Slots Till Dec. 31

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