The Enforcement Directorate on Thursday conducted search operations at the residence of Jet Airways founder Naresh Goyal in connection with alleged violations of Foreign Direct Investment (FDI) norms. The probe agency also searched a dozen more locations in Mumbai and Delhi.
Searches by the agency were conducted under the provisions of the Foreign Exchange Management Act (FEMA) and were aimed at gathering additional evidence in Etihad Airways' investment in Jet Privilege Private Limited (JPPL). The ED believes the company might have violated FDI norms when the UAE-based airline took a stake in JPPL in 2014.
Commenting on the development, an Etihad spokesperson had earlier said: "Etihad is co-operating fully with relevant authorities and we abide by the laws of various countries we operate in."
A full-service carrier, Jet Airways shuttered operations on April...