The Ministry of Corporate Affairs (MCA) has ordered its Serious Fraud Investigation Office (SFIO) to probe into the alleged irregularities into the affairs of Jet Airways and its group companies.

This after the inspection report submitted by the western regional office of the ministry indicated that the beleaguered airline was prima facie indulging into malpractices and its certain transactions were ‘suspicious’ in nature and required a detailed probe.

SFIO is the investigation arm of the MCA.

“… the Central government has formed an opinion to order an investigation into the affairs of Jet Airways (India) Ltd and its group companies namely, Jet Lite (India) Ltd, Airjet Training Services ltd, Airjet Security & Allied Services Ltd, Aijet Ground Services Ltd, Airjet Engineering Services ltd and Jet Privilege Private Ltd under section 212 (1) (c )of the Companies Act,” the order reviewed by ET reads. “.. this…on the basis of inspection report submitted to the central government into the affairs of Jet Airways (India) Ltd, which inter-alia indicated that said company was prima facie indulging into malpractices, mis-management through siphoning/ writing-off/ diversion of funds and other financial irregularities, including but not limited to, preferential/ related party transaction, prejudicial to the public interest,”the order adds.

The ministry has asked SFIO to complete the investigation within six months and submit the report to the central government.

Multiple revenue and enforcement agencies are probing Jet Airways for alleged irregularities. Other than the MCA, the Enforcement Directorate (ED) and the Income Tax department are also probing the airline. While the ED is probing Jet Airways over alleged wrongdoing related to stake sales in the unit that ran the grounded carrier’s loyalty programme, the IT is probing the airline and its founder for over alleged tax evasion.

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Based on a request by the MCA, a lookout circular had been issued against Naresh Goyal and his wife Anita to ensure that they didn’t leave the country while investigations were pending. Following this, they were taken off a Dubai-bound plane in Mumbai on May 26.





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