The Enforcement Directorate(ED) on Saturday alleged Jet Airways founder Naresh Goyal devised a number of tax evading schemes to siphon off huge funds in foreign jurisdictions.
ED had carried out searches on Friday at a dozen locations of Goyal, his firms and partner agencies in Mumbai and Delhi on charges of alleged contravention of the foreign exchange law.
"The search resulted in the seizure of various incriminating documents and digital evidences. Further investigation and analysis of the seized documents is going on," the agency said in a statement.
It said preliminary probe "indicates that Goyal structured various tax evading schemes involving its domestic and foreign companies, thereby siphoning off huge amount in foreign jurisdictions through dubious or fictitious transactions".
The ED said Goyal "indirectly" controls various entities abroad, some of which are in tax haven nations. The agency said probe indicates that Goyal is "likely to be" the beneficial owner of some bank accounts abroad having huge deposits.
Official sources added that the charge of undisclosed assets held abroad could lead the agency to book Goyal under the stringent and criminal anti-money laundering law in the coming day.