ED arrests Jet Airways founder Naresh Goyal in bank fraud linked money laundering case
Jet Airways founder Naresh Goyal arrested by ED in money laundering case linked to alleged bank fraud of ₹538 crore at Canara Bank
The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of ₹538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office. Canara Bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for "causing wrongful loss" to the lender.
Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek for his custodial remand.
The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with an alleged ₹538-crore fraud case at the Canara Bank.
The FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of ₹848.86 crore of which ₹538.62 crore is outstanding.
The CBI had said the account was declared "fraud" on July 29, 2021.
The bank alleged that the forensic audit of JIL showed that it paid "related companies" ₹1,410.41 crore out of a total commission expenses, thus siphoning off funds from JIL.
"As per sample Agreement of Jet Airways (India) Ltd (JIL), it was noted that the expenses of General Selling Agents (GSA) was to be borne by GSA itself and nor by JIL. However, it was observed that JIL has paid various expenses amounting to ₹403.27 crore which is not in tune with the GSA," the complaint now part of the CBI FIR alleged.
Earlier in July ED conducted raids and covered multiple cities including Delhi and Mumbai.
Jet Airways (India) Limited, Naresh Goyal, his wife Anita Naresh Goyal, Gaurang Ananda Shetty and unknown Public Servant(s) and Private Person(s) were named as accused in the FIR.
FIR into the matter reads, "CGM of Canara Bank, Recovery & Legal Section in Mumbai, has submitted regarding alleged offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by M/s Jet Airways (India) Ltd., Naresh Jagdishrai Goyal, Anita Naresh Goyal, Gaurang Ananda Shetty and unknown public servants and others causing wrongful loss of ₹538.62 crores to Canara Bank."
"Forensic Audit conducted in the accounts of Jet Airways (India) Ltd revealed fraudulent features like diversion and siphoning of funds," it further read.
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First Published:1 Sep 2023, 11:24 PM IST
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