Jet Airways audit shows diversion of funds, fraudulent billing

MUMBAI: A State Bank of IndiaNSE -1.42 % commissioned forensic audit of Jet AirwaysNSE -4.97 % books has revealed misappropriation of funds relating to provision of loans and fraudulent billing for JP Miles, according to two people with direct knowledge of the matter.

The report also highlights that invoices raised were not verified leading to excess billing and fuel expenses were raised substantially for Jet even when they remained static for other airlines.