9.5C
Delhi
Saturday, January 23, 2021

Jet founder Goyal controls 19 firms, 5 abroad: ED

- Advertisement -

Jet founder Goyal controls 19 firms, 5 abroad: EDNew Delhi, Aug 24 (IANS) The Enforcement Directorate, which carried out searches at the residence of Jet Airways founder Naresh Goyal, has got details of 19 companies held by him of which are five are located abroad and how money was siphoned off to other countries through dubious transactions.

The ED has carried out searches at over 12 locations in Delhi and Mumbai including the office and residential premises of Jet officials. A senior ED official said the raids were also carried out at the residence of Goyal and his longtime associate Hasmukh Gardi.

The official said that during searches several incriminating documents related to the payments made to foreign companies and digital evidences have been seized. The official said the agency has taken up the investigation into alleged violation of the Foreign Exchange Management Act (FEMA) against Jet Airways and Goyal based on complaints from various sources.

READ ALSO:  Spotify performs in India is better than what was expected

He said that the business empire of Goyal, who stepped down from the post of chairman of the airline in March this year, includes 19 privately-held companies of which 14 are registered in India and five are registered abroad.

The official said, Goyal “indirectly controls” various entities “abroad” some of which are in tax havens.

Jet founder Goyal controls 19 firms, 5 abroad: ED
“Preliminary investigations done so far indicate that Goyal has structured various tax evading schemes involving domestic companies and the companies in foreign tax jurisdictions thereby siphoning off huge amounts in foreign jurisdictions through dubious or fictitious transactions,” he said.

The official said that the fictitious or inflated payments appear to have been made to some of these foreign entities under various airline lease agreements, aircraft maintenance agreements, etc.

READ ALSO:  Moody’s revises India’s FY21 GDP contraction to 10.6%

“Huge amounts appear to have been sent abroad by way of inflated commission to its own group entity in Dubai which acted as the airline’s exclusive overseas General Sales Agent (GSA),” he said.

READ ALSO:  Centre communicates borrowing options to settle GST compensation to States

The official further revealed that investigations indicate that Goyal is likely to be the beneficiary owner of some bank accounts abroad having huge deposits. “Prima facie these transactions involve various violations under FEMA,” he added.

A full-service carrier, Jet Airways shuttered operations on April 17 after running out of funds. Thousands of employees lost their jobs and the airline’s slots and aircraft were leased out to competitors on a temporary basis.

India Updates
India Updates is an independent news & Information website. Follow us for regular updates on News and Information.

Follow Us On

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending Topics In India

Covid 19 India Updates

Trending News In India

Trending Showbiz

Trending Sports

Latest Trending News In India

RBI proposes multilayer system, stricter norms for NBFCs

Mumbai, Jan 22 (IANS) The Reserve Bank of India (RBI) on Friday proposed a four-layered structure for non-banking finance companies (NBFCs) and new norms...

Proposal to hold farm laws doesn’t mean they are flawed: Tomar

By Navneet Mishra (IANS) After the 11th round of talks between the government and the farmer leaders at the Vigyan Bhawan on Friday remained...

Govt accords highest priority to agri sector: Rupala

New Delhi, Jan 23 (IANS) The agriculture sector is the backbone of the economy and the government accords highest priority to this sector and...

Meghalaya CM inaugurates India’s longest steel arch bridge

Shillong, Jan 22 (IANS) In a big boost to tourism and trade with Bangladesh, Meghalaya Chief Minister Conrad K. Sangma on Friday formally opened...