ED raids 12 locations of former Jet Airways chairman Goyal

New Delhi: The Enforcement Directorate (ED) on Friday carried out searches at locations of Jet Airways founder Naresh Goyal in connection with a Foreign Exchange Management Act (FEMA) case.

The raids were conducted at 12 locations in Delhi and Mumbai, sources said.

The airline had halted operations in April this year due to acute cash crunch. On March 25, Goyal, the then Jet Airways chairman, had stepped down.

Jet was facing a financial crisis due to bruising competition from low-cost airlines, fluctuating crude prices and a weak rupee. The airline has over one billion dollars in debt and has to repay money to banks, lessors of planes and suppliers besides clearing pending salaries of its pilots and other staff.