Government orders criminal probe into Jet Airways
India’s ministry of corporate affairs has ordered an official probe into dealings at bankrupt Jet Airways.
It instructed the serious fraud and investigations office to look at its business dealings with seven Jet Airways Group subsidiaries regarding the ‘diversion of funds and other financial irregularities.’
The MCA order alleges malpractice and mismanagement through siphoning of funds which it says is ‘prejudicial to the public interest.’
It comes after a Registrar of Companies search found potential Companies Act violations between the airline and the affiliated companies.
A government official also said it will oppose a legal request to lift a Look Out Circular issued against Jet founder and former chairman Naresh Goyal.
A Look Out Circular alerts border authorities when an individual under suspicion of financial wrongdoing tries to exit the country.
"We will oppose the quashing and in our response to the court we will highlight that as Goyal has no financial interest in India he may fly out. He also has no collateral to recover back the debt," the official said.
Jet Airways was grounded on 17 April with huge debts and the search for a buyer has so far proved fruitless.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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