ED finds gaps in State Bank of India audit of grounded Jet Airways

The probe agency is now planning to conduct an independent audit on Jet

The Enforcement Directorate (ED) has raised objections against the State Bank of India-commissioned audit of Jet Airways books, as its own probe findings in the case are significantly different .

SBI, which led the lenders’ consortium for Jet, had appointed accounting firm EY last year to do an audit of the airline amid fund diversion allegations. The bank closed the forensic audit in April as it found the cash-strapped airline’s response adequate on the findings.

ED is of the view that the EY findings did not talk about money trails, fund diversion, incorporation of multiple shell firms which were used to divert