Naresh Goyal sent to ED custody till 11th September in money-laundering case
IANS 02 September 2023

A special PMLA court in Mumbai on Saturday remanded Jet Airways founder Naresh Goyal to Enforcement Directorate (ED) custody till 11th September in connection with a case of bank fraud of Rs538 crore and money laundering.

Arrested after hours of interrogation late on Friday night, Mr Goyal is accused of allegedly diverting around Rs9.50 crore loan from Canara Bank to clear off his private loans and commissions.

Mr Goyal was produced before a special PMLA court on Saturday afternoon, where the ED said that his daughter Namrata Goyal’s production house also got money from Jet Airways accounts to pay salaries and other commitments.

On Friday, the ED swooped on Mr Goyal, picked him up for questioning and late in the night placed him under arrest for alleged money laundering linked to a Canara Bank loan fraud case of Rs538 crore between 2011 and 2019.

The money-laundering case arose from a first information report (FIR) registered by central bureau of investigation (CBI) against Mr Goyal, his wife Anita, and others in connection with the alleged fraud perpetrated with Canara Bank.

In May, the Canara Bank had complained that it had given loans and credit limits to Mr Goyal’s Jet Airways worth Rs849 crore, of which over Rs538 crore was outstanding, and then declared a fraud in July 2021.

The investigations also revealed that private and personal expenses of the Goyal family and staff salaries were paid through the airline accounts, and funds were siphoned off through Jet Lite by Jet Airways Ltd through loans, advances and investments.

The ED plans to quiz Mr Goyal on his companies abroad, where the siphoned funds were allegedly transferred and parked, besides getting details of his other assets and investments at foreign locations.

It may be recalled that the once-powerful Jet Airways, which virtually ruled the skies for nearly 25 years, was finally grounded in April 2019 owing to financial problems and heavy losses.

Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect the views of Moneylife and hence, Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for the accuracy, completeness, suitability and validity of any information in this article.

Free Helpline
Legal Credit