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ED raids underway at premises of Jet Airways founder Naresh Goyal in Delhi, Mumbai

The Jet Airways office in Mumbai where raids are underway. (Express photo/Amit Chakravarty)

The Enforcement Directorate is conducting searches at the premises of Jet Airways founder Naresh Goyal in Mumbai and Delhi, in connection with a case of an alleged contravention of the foreign exchange law.

According to PTI, the agency said the raids are being carried out under the provisions of the Foreign Exchange Management Act (FEMA) and are aimed at gathering additional evidence.

A full-service carrier, Jet Airways shuttered operations on April 17 after running out of cash. In March, Goyal had stepped down as chairman of the airline.

The government had ordered a probe by the Serious Fraud Investigation Office (SFIO) after a Ministry of Corporate Affairs (MCA) inspection report later found large-scale irregularities, including persion of funds, at the airline.

On May 25, Goyal and his wife Anita Goyal were stopped from leaving the country by immigration authorities at Mumbai airport minutes before their aircraft was about to take off for London via Dubai.

He later challenged the travel ban imposed on him, in the Delhi High Court, on the ground that he was not given any opportunity to clarify which denies him natural justice .

The court, however, refused to allow the former chairman of Jet Airways to leave India and asked him to give Rs 18,000 crore bank guarantee if he wanted to travel.

Currently, the airline is undergoing resolution process under the Insolvency and Bankruptcy Code.