Jet Airways crash lands from Enforcement Directorate to Income Tax
Enforcement Directorate has begun probe into its overseas funding to ascertain whether Jet had received any money from any underworld organisation
. It seems that some of the funding of the airline, received from abroad, had not been reflected in its account books.
The investigations were being carried out under Foreign Exchange Management Act (FEMA) and Prevention Of Money Laundering Act (POMLA) by the sleuths of the Enforcement Directorate.
The Income Tax department had and scrutinised the assessment up to 2002-03 and reported that the funds received by the Jet Airways had come through various legal banking channels.
However, after the investigations by the Enforcement Directorate, the Income Tax Department would have to resume action as ED had unearthed some transactions not listed in the account books.