New Delhi: The Enforcement Directorate (ED) conducted raids at 12 locations of former Jet Airways chairman Naresh Goyal in Delhi and Mumbai on Friday. Later, sources spoke about them and said the raids were conducted based on intelligence gathered and also various complaints. Also Read - Jackpot Actor And Businessman Sachiin Joshi Arrested by ED in Money Laundering Case

Goyal’s business empire includes 19 privately held companies- 14 registered in India and five outside, they said. Reportedly, Goyal had started a company called M/s Tail Winds Corporation in Isle of Man in 1992 and this company controlled all financial activities of Jet Airways. The ED searches also covered one Hasmukh Deepchand Gardi, who had invested a huge amount in Tail Wind and now lives in Dubai. Also Read - CBI Arrests ED Employee For Posing As Enforcement Officer, Seeking Bribe

The ED also conducted simultaneous searches at residences and offices of promoters of Deccan Chronicle Holdings Ltd, T Venkatram Reddy and T Vinayakravi Reddy in Hyderabad and Delhi on Thursday. Also Read - Ranbir Kapoor's Cousin Armaan Jain Summoned by ED in Money Laundering Case | Deets Inside

The search resulted in the seizure of incriminating documents relating to immovable properties and digital evidence, two luxury cars and demonetized currency to the extent of Rs 5,00,000. The digital evidence is being analyzed further to trace the diversion of loan funds.

The ED said it had seized Rs 5 lakh in the demonetised currency in connection with a money-laundering probe linked to a multi-crore-rupee bank loan default case.

The agency, in a statement, said the raids were carried out in the Banjara Hills area of Hyderabad and in Secunderabad against the media group that brought out English daily Deccan Chronicle.