Naresh Goyal questioned all night by ED after fresh charges of money laundering

• The Enforcement Directorate (ED) registered a fresh case against former Jet Airways chairman Naresh Goyal and the grounded airline.
  
• The case has been registered under the Prevention of Money Laundering Act (PMLA).
  
• It will look into the alleged account irregularities found during the Foreign Exchange Management Act (FEMA) violations case registered last year.
  

The Enforcement Directorate (ED) filed a fresh case to probe the allegations of money laundering against grounded Jet Airways and its former chairman Naresh Goyal.

Officials told PTI that the ED carried out raids at Goyal’s premises in Mumbai. He was detained at his South Mumbai residence for questioning all night after the case was filed.

The new money laundering case was registered under the Prevention of Money Laundering Act (PMLA) against the two yesterday, March 4. In order to register an offence under PMLA, a predicate offence is required.

Last year, the ED filed its first case alleging violations with respect to the Foreign Exchange Management Act (FEMA). At the time, authorities were able to get details of 19 companies owned by Goyal, including five located outside India.

Money laundering of up to ₹8,000 crore
Authorities were able to ascertain the specifics of how money was siphoned offshore by Goyal using nefarious means. The ED is known to have digital evidence and incriminating documents of the payments made to foreign banks.

The new case will look into the alleged irregularities, including the diversion of funds, committed by the grounded airline. A TOI report claims that probe agencies suspect that more than 5,000 bogus bills — including those by aircraft lessors, maintenance agencies and general sales agents — were used to launder as much as ₹8,000 crore from the airline into tax havens.

Some of the suspected companies and directors are a part of the Offshore Leaks report by the International Consortium of Investigative Journalists (ICIJ), said the report.

Goyal’s troubles are far from over
Goyal was in hot water after Jet Airways had to shut down in April last year when it ran short on funds. Currently, at least three agencies are looking into Goyal and Jet Airways — the Income Tax Department, Serious Fraud Investigation Office (SFIO) and the ED.

As the ED builds its case under FEMA and the PMLA, the IT department is looking into charges of tax evasion of more than ₹650 crore and SFIO is analysing company affairs.

(With inputs from IANS and PTI)

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