Jet Airways’ investor Florian Fritsch’s property raided in Liechtenstein, Austria

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.

Police investigators in the small Alpine principality are evaluating the confiscated evidence from the raids conducted on October 26, 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.

Jet Airways’ investor Florian Fritsch’s property raided in Liechtenstein, Austria

Fritsch and his investment company 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 Airways would complicate a turnaround bid that has already faced delays.

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Jet Airways, 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.

ALSO READ – Jet Airways hasn’t signed an aircraft leasing agreement yet

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

JET AIRWAYS A320
Fritsch and his investment company Kalrock Capital are part of a consortium picked to revive Jet Airways, once India’s top private carrier, that filed for bankruptcy in 2019.

Kalrock is backed by Fritsch, an investment group founded by serial entrepreneur Florian Fritsch. Kalrock Partners provides a combination of investment and advisory services in financial, marketing, managerial and legal matters to all its partners.

The group has been investing in alternative asset classes over the past 20 years, both as a principal investor, as well as in co-investment syndicates, as per the information given on its website.

As per Fritsch Group’s website, it was an early investor in Tesla and has made investments in several other firms like All My Homes, Beyond Limits, Biotest, Delivery Hero, Zanaga Iron Ore, etc. While it has invested in distressed firms, Fritsch has not made any investment in an aviation company before, as per the information available on its website.

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