The Central Bureau of Investigation (CBI) conducted searches at the office of Jet Airways and the residence of its founder Naresh Goyal on Wednesday in connection with a bank fraud case. The move comes after the agency registered a case against Goyal and others over alleged irregularities and siphoning off of funds from the airline.
The CBI had received a complaint from the State Bank of India (SBI) about alleged irregularities in the accounts of Jet Airways. The bank had reportedly lent the airline Rs 1,700 crore, but the company allegedly defaulted on the payment, leading to the initiation of the investigation.
According to sources, the agency carried out searches at the airline’s head office in Mumbai and Goyal’s residence in the city’s posh Worli area. The CBI team reportedly seized several documents related to the airline’s financial transactions and business deals during the searches.
The airline shut down operations in April 2019 due to a severe cash crunch and rising debt. The airline’s lenders, led by the SBI, had initiated bankruptcy proceedings against it, and the company’s assets are currently being auctioned off.
Source:- Economic Times
The case against Goyal and others is being seen as a major development in the ongoing investigation into the alleged financial irregularities in Jet Airways. The CBI is expected to continue its probe into the case and take further action as required.Yt video to go inside-
Meanwhile, the development has sent shockwaves through the aviation industry, with many stakeholders concerned about the impact on the industry’s image and investor confidence. Jet Airways was once one of India’s largest airlines and played a significant role in the growth of the country’s aviation sector.
What do you think about this share your views in the comments.
