Enforcement Directorate grills Naresh Goyal over diversion of Jet funds

The Enforcement Directorate (ED) on Friday questioned Jet Airways founder Naresh Goyal for alleged diversion of funds to shell companies and irregularities in aircraft lease transactions under the Foreign Exchange Management Act (FEMA).

The action was part of a separate investigation launched a month back against Goyal and his associates, who helped in facilitating and executing illicit transactions overseas in alleged violation of foreign investment rules, said an ED official. 

The enforcement agency is probing Goyal’s offshore investments which were made through diversion of funds from Jet Airways to 19 shell companies allegedly managed by him.

Apart from shell companies, the federal agency