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ED Attaches Jet Airways' Properties Worth Rs 538 Cr In Money Laundering Case

This action is part of an ongoing money laundering investigation involving M/s Jet Airways (India) Limited (JIL), which ceased to its operations in April 2019 after 26 years of service due to financial troubles. 

ED Attaches Jet Airways' Properties Worth Rs 538 Cr In Money Laundering Case Jet Airways ceases its operation in 2019 due to financial troubles. File Photo

New Delhi: In a significant development, the Enforcement Directorate (ED) has provisionally attached properties worth a staggering Rs 538.05 Crore of Jet Airways (India) Limited (JIL) under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). The agency announced the update in an X post on Wednesday. 

This action is part of an ongoing money laundering investigation involving M/s Jet Airways (India) Limited (JIL), which ceased to its operations in April 2019 due to financial troubles. 

The attached properties include a total of 17 residential flats, bungalows, and commercial premises owned by various companies and individuals, including M/s Jetair Private Limited, M/s Jet Enterprises Private Limited, the founder and Chairman of M/s Jet Airways (India) Limited, Naresh Goyal, his wife Mrs. Anita Goyal, and their son Nivaan Goyal. These properties are located in London, Dubai, and several states across India.

The attachment of properties serves as a measure to prevent individuals and entities from disposing of assets that may have been acquired through illegal means.

Jet Airways, once a prominent player in India's aviation industry, faced financial turbulence and ultimately ceased its operations in April 2019. The financial troubles and subsequent grounding of the airline raised concerns about its financial management and transactions. The ED's investigation is aimed at uncovering any potential wrongdoings related to the company's finances and assets.

The provisional attachment of properties worth over Rs 538 Crore suggests that the investigation has uncovered substantial assets that are suspected to be connected to money laundering activities.

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