New Delhi: The Enforcement Directorate(ED) officials have conducted searches on Friday at the premises of Jet Airways founder Naresh Goyal at Mumbai and Chennai. They said the searches were being carried out under the provisions of the Foreign Exchange Management Act (FEMA).
Jet Airways closed it operations on 17 April after cash crunch. Before that in March, Goyal resigned as chairman of the airline. Earlier, a Ministry of Corporate Affairs (MCA) search report had found large-scale financial irregularities in July. Jet Airways is currently facing Insolvency proceedings according to the Insolvency and Bankruptcy Code.