New Delhi: The Enforcement Directorate (ED) conducted searches at the properties of Naresh Goyal, the founder of Jet Airways, and his associates in connection with a case related to alleged violations of foreign exchange laws.

The investigation, initiated in early 2019, centers around potential violations of the provisions of the Foreign Exchange Management Act (FEMA) following Etihad Airways' investment of $150 million in Jet Airways for a stake in the company's loyalty and rewards management subsidiary formed in 2012.

The ED investigation is primarily focused on examining Goyal's involvement in the deal.

It is worth noting that Foreign Exchange Management Act (FEMA) violations are not considered criminal offenses, unlike those falling under the Prevention of Money Laundering Act (PMLA).

These raids on Naresh Goyal’s properties are not the first instances of such action taken by officials.