Jet Airways Investor Florian Fritsch Being Probed For suspected Fraud
A recent court order in Liechtenstein has revealed a collection of high-end cars and luxury watches seized by prosecutors in connection with a fraud investigation linked to an investor involved in the revival of India's Jet Airways, according to a media report.
The Liechtenstein Supreme Court rejected an appeal to release the frozen assets, which include seven Porsche cars, five Rolex watches, and a classic car simulator valued at up to USD 214,000. This information was disclosed in a June verdict published on the court's website, reported by a media.
Florian Fritsch, the subject of the investigation, is suspected of fraud and money laundering in the small principality situated between Austria and Switzerland. Fritsch did not respond to requests for comment, as stated in the report.
Fritsch and his investment firm, Kalrock Capital, are part of a consortium chosen to revive Jet Airways, formerly one of India's leading private airlines, which filed for bankruptcy in 2019. These investors have committed to investing Rs 1 billion (USD 12 million) by the end of September to assume control of Jet Airways.
Chief Prosecutor Robert Wallner indicated that the Liechtenstein investigation is making progress but will require more time for completion. While he did not mention Florian Fritsch by name in his responses to Bloomberg, he noted that many seized documents had been inaccessible to prosecutors due to multiple appeals by the suspects. An unsealing process is currently underway to address this issue.
