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Jet founder Goyal controls 19 firms, 5 abroad: ED
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SME Times News Bureau | 24 Aug, 2019
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.
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.
"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.
"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.
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.
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