Egypt Tourism

Published on Friday, July 5, 2019

Fraud investigation launched into Jet Airways

Jet Airways is being investigated by the serious fraud and investigations office over allegations of mismanagement and financial irregularities.

It is looking into the airline's business dealing with seven Jet Airways Group subsidiaries over suspicions of malpractice and the siphoning of funds, which would be against the public interest.

The ministry of corporate affairs ordered the investigation after a Registrar of Companies search found potential Companies Act violations between the airline and its 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 April 17 with huge debts and the search for a buyer has so far proved fruitless.

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