FEMA violation case: Jet Airways founder Naresh Goyal questioned by ED

Jet Airways founder Naresh Goyal was on Friday questioned here by the Enforcement Directorate in a case of alleged contravention of the foreign exchange law, officials said. This is the first time that the central agency is grilling him after it conducted searches against him last month. Goyal’s statement has been recorded under the Foreign Exchange Management Act (FEMA) at the agency’s zonal office here, they said. A dozen premises, including Goyal’s Mumbai residence in Mumbai, his group companies, their directors and offices of Jet Airways, were searched by the Enforcement Directorate (ED) on August 23.

According to agency sources, the businessman’s empire had 19 privately-held companies, five of which were registered abroad.

The agency is probing charges that these firms allegedly carried out “doubtful” transactions under the guise of selling, distribution and operating expenses.

The ED suspects that expenses at these companies were allegedly booked

... read more at: https://www.business-standard.com/article/current-affairs/fema-violation-case-jet-airways-founder-naresh-goyal-questioned-by-ed-119090600756_1.html

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