ED Grills Naresh Goyal Over Fema

The Enforcement Directorate (ED) on Friday questioned former Jet Airways chairman Naresh Goyal in connection with an alleged Foreign Exchange Management Act (FEMA) violation case.

The questioning comes after the agency conducted multi-city searches at various properties linked to Goyal and his close associates on August 23. The raids were conducted at twelve locations in Delhi and Mumbai.

Goyal had stepped down from the post of the chairman in March earlier this year, paving way for lenders to bail out the financially troubled airline he had set up 25 years ago.

Following this, the embattled airline halted its operations after running out of cash.

Jet was facing a financial crisis due to bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee.

The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries of its pilots and other staff. (ANI)

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