India to investigate Jet Airways over alleged funds mismanagement

July 05, 2019

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Jet Airways halted operations in April after running out of cash. — Reuters/File
Jet Airways halted operations in April after running out of cash. — Reuters/File

India has ordered an investigation into alleged mismanagement of funds at Jet Airways, which halted operations in April after running out of cash.

The Ministry of Corporate Affairs on Thursday ordered India’s Serious Fraud Investigation Office (SFIO) to carry out the investigation, a government order seen by Reuters showed.

The order refers to alleged siphoning of funds and unspecified financial irregularities at Jet Airways, which was once India’s largest private airline, but did not include details on the allegations or name any individuals.

A Jet Airways spokesperson did not immediately respond to a request for comment on the order, which also called for investigations into Jet’s group companies including low-cost Jet Lite and Jet Privilege, which manages its loyalty programme.