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Naresh Goyal Has 19 Privately Held Companies, 5 of Them Outside India: Sources

The Enforcement Directorate (ED) conducted raids at 12 locations of former Jet Airways chairman Naresh Goyal in Delhi and Mumbai on Friday. Later, sources spoke about them and said the raids were conducted based on intelligence gathered and also various complaints. Goyal’s business empire includes 19 privately held companies- 14 registered in India and five outside, they said. Reportedly, Goyal had started a company called M/s Tail Winds Corporation in Isle of Man in 1992 and this company controlled all financial activities of Jet Airways. The ED searches also covered one Hasmukh Deepchand Gardi, who had invested a huge amount in Tail Wind and now lives in Dubai. The ED also conducted simultaneous searches at residences and offices of promoters of Deccan Chronicle Holdings Ltd, T Venkatram Reddy and T Vinayakravi Reddy in Hyderabad and Delhi on Thursday. The search resulted in the seizure of incriminating documents relating to immovable properties and digital evidence, two luxury cars and demonetized currency to the extent of Rs 5,00,000. The digital evidence is being analyzed further to trace the diversion of loan funds.........Read more