Late Friday night, the Enforcement Directorate made a significant move by arresting Naresh Goyal, the founder of Jet Airways, in connection with a money laundering case related to an alleged bank fraud of Rs 538 crore at Canara Bank. This development followed an extensive questioning session at the central agency’s office in Mumbai. Goyal, aged 74, is slated to appear before a special PMLA court on Saturday, where the ED will seek his custodial remand.
Jet Airways, once a prominent full-service carrier, ceased operations in April 2019 due to financial difficulties, prompting Goyal to step down as the airline’s chairperson.
The roots of this money laundering case trace back to a CBI FIR against Jet Airways, Naresh Goyal, his wife Anita, and former company executives regarding an alleged Rs 538-crore fraud case at Canara Bank. The ED had conducted raids against Goyal and other involved parties in July.
The CBI FIR was lodged based on the bank’s complaint, which accused it of granting credit limits and loans totaling Rs 848.86 crore to Jet Airways, with Rs 538.62 crore outstanding. The account was declared a “fraud” on July 29, 2021. The bank alleged that a forensic audit of Jet Airways revealed that it paid related companies Rs 1,410.41 crore as part of commission expenses, effectively diverting funds from Jet Airways.
The complaint further pointed out discrepancies in expenses, highlighting that JIL had covered expenses that were supposed to be borne by the General Selling Agents (GSA). Additionally, personal expenses such as staff salaries, phone bills, and vehicle expenses of the Goyal family were allegedly paid by Jet Airways (India) Ltd (JIL).
The forensic audit also unveiled funds being redirected through Jet Lite (India) Ltd (JLL) through advance payments and investments that were subsequently written off. JIL had diverted funds to its subsidiary JLL in the form of loans, advances, and investments.
In a separate money laundering case filed by Mumbai-based Akbar Travels against Goyal, linked to alleged cheating and forgery, the Bombay High Court quashed the case in February. The Maharashtra Police had filed a closure report stating that no substance was found in the complaint, and the dispute appeared to be of a civil nature. Consequently, the ED case based on the police FIR was also declared quashed by the high court, citing it as “illegal and contrary” to the law.
This development marks a significant chapter in the ongoing legal proceedings against Naresh Goyal and his involvement with Jet Airways.
Post Your Comments