ED searches premises of Jet Airways’ Naresh Goyal, Hasmukh Gardi

The grounded airline has defaulted on loans of over Rs 8,000 crore and lenders led by State Bank of India have launched bankruptcy proceedings against it in the National Company Law Tribunal. The agency suspects the duo diverted a major portion of the bank loan abroad by inflating payments abroad and through fictitious transactions. It is exploring the possibility of registering a separate money laundering case against the company and its promoters.

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