FEMA violations: Jet Airways founder Naresh Goyal questioned by Enforcement Directorate

Jet Airways founder Naresh Goyal was questioned by the Enforcement Directorate on Friday for alleged violations under the Foreign Exchange and Management Act (FEMA). Goyal was questioned at length at the Mumbai office of the ED regarding a slew of dubious transactions.

Last month, the ED raided offices of Jet Airways, Goyal and his associate Hasmukh Gardi. Raids were also conducted in Goyal’s residence.

“Preliminary investigations done so far indicate that Shri Goyal has structured various tax evading schemes involving its domestic companies and the companies in foreign tax jurisdiction thereby siphoning off huge amount in foreign jurisdictions through dubious/fictitious transactions,” the agency said in a release last month.