NEW DELHI: ED had raided various locations of private sector airline Jet Airways founder Naresh Goyal. ED has found several important documents in these raids. These raids have revealed that Goyal had created a "framework" of dozens of tax evasion schemes by creating a number of his companies in the country and abroad and transferred large-scale money to foreign countries.
Though the exact number of the money has not been ascertained, it is believed that Goyal had saved billions of rupees and sent him abroad. According to ED, many of these foreign companies have found evidence of fake and overpayment through various airline lease agreements, aircraft maintenance agreements, etc. Goyal has found evidence of sending crores of rupees through an inflated commission (payment of Rs 100 bill for one rupee) by making Jet Airways exclusive Overseas General Sales Agent to his own group's Dubai-based company.
According to ED, the bank accounts of all these companies abroad are likely to be operated by Goyal. Prima facie, the violation of the provisions of the Foreign Monetary Management Act (FARA) through these payments is clearly visible. The investigating agency said that a thorough investigation of the documents received is underway.
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