Jet Airways Founder Naresh Goyal Arrested In ₹538 Crore Money Laundering Case

Mumbai, September 2 (TNA) Naresh Goyal, the founder of Jet Airways, has been arrested by the Enforcement Directorate (ED) in an alleged ₹538 crore money laundering case related to Canara Bank. Goyal, 74, was taken into custody under the Prevention of Money Laundering Act (PMLA) after extensive questioning at the ED's Mumbai office. He is scheduled to appear before a special PMLA court in Mumbai, where the ED will request his custodial remand.

The case originates from a Central Bureau of Investigation (CBI) first information report (FIR) against Jet Airways, Naresh Goyal, his wife Anita, and former company executives, involving an alleged ₹538 crore fraud at Canara Bank. The FIR was filed based on the bank's complaint, which claimed that Jet Airways received credit limits and loans totaling ₹848.86 crore, with ₹538.62 crore outstanding.

The CBI asserted that the account was declared fraudulent in July 2021. The bank alleged that a forensic audit revealed payments of ₹1,410.41 crore to "related companies," diverting funds from Jet Airways. The FIR also highlighted personal expenses like salaries, phone bills, and vehicle expenses of the Goyal family being paid by Jet Airways.

Further revelations during the forensic audit showed funds being funneled through Jet Lite (India) Ltd (JLL) via loans, advances, and investments, ultimately being written off. Jet Airways allegedly redirected funds to its subsidiary, JLL, in various forms. This development marks a significant development in the ongoing investigation into financial irregularities at Jet Airways and its founder's involvement.