Jet investor’s properties raided in Europe as part of fraud probe

LIECHTENSTEIN: Prosecutors in Liechtenstein, Switzerland and Austria raided multiple properties linked to Florian Fritsch, one of the investors trying to revive India’s Jet Airways, as part of a broader investigation into suspected fraud and money laundering.

Investigators in the small Alpine principality are evaluating the confiscated evidence from the raids conducted on 26 October, Liechtenstein’s prosecutor general Robert Wallner said in an emailed response to questions, without naming Fritsch.

Authorities raided the properties and froze other assets tied to Fritsch, said a person with knowledge of the raids, who didn’t want to be identified discussing an ongoing probe.

Fritsch and his investment firm Kalrock Capital are part of a consortium picked to revive Jet Airways, once India’s top private carrier, that filed for bankruptcy in 2019. Fritsch’s partner is Murari Lal Jalan, a businessman based in Dubai.

Further legal problems for one of the main new backers of Jet would complicate a turnaround bid that has already faced delays. Jet, which collapsed amid debt in 2019, planned to start flights as soon as March this year, but it has struggled to place orders for new aircraft with lenders reluctant to allow it to take on fresh liabilities.

Fritsch and Kalrock Capital didn’t immediately respond to multiple emails and a Facebook message seeking comment.

The investigations were started based on “several complaints by suspected victims” and is being conducted against several people, said the Liechtenstein prosecutor. The presumption of innocence applies, he said.

A spokesperson for Jet Airways didn’t immediately respond to a request for comment.