ED questions Jet founder Naresh Goyal in FEMA case
Mumbai: The Enforcement Directorate (ED) on Thursday questioned Jet AirwaysNSE -4.81 % founder Naresh Goyal, in connection with alleged violations of the foreign exchange law in an equity deal in a company that operated the airline’s loyalty and rewards programme.
In 2014, UAE-based Etihad Group had bought a 50.1% stake in Jet Privilege Pvt Ltd (JPPL), which was then hived off as an independent entity. Jet Airways holds 49.9% of JPPL. The ED is trying to ascertain whether Etihad had received the nod from the now-defunct Foreign Investment Promotion Board for the investment.
According to people in the know, Goyal was questioned at the ED’s Mumbai office on issue related to restructuring of the airline and expenses which were “deemed” fictitious.
