On the night of Friday, the Enforcement Directorate arrested Naresh Goyal, the founder of Jet Airways (India) Ltd. Naresh Goyal has been arrested for his involvement in the money laundering case connected to the alleged bank fraud at Canara Bank of Rs 538.
Under the PMLA or Prevention of Money Laundering Act, Naresh Goyal has been taken into custody. This occurred after a long questioning session at Mumbai’s central agency office.
On Saturday, the 74-year-old Naresh Goyal was expected to be produced at Mumbai’s special PMLA court. The Enforcement Directorate sought Goyal’s custodial remand. This case surfaced due to the filing of an FIR by the Central Bureau of Investigation.
The FIR was filed against former company executives along with Goyal, Anita (Goyal’s wife), and Jet Airways. It was in connection with a Canara Bank fraud case of Rs 538 crore.
Naresh Goyal, Jet Airways Founder Arrested
Including offices and residential property of Goyal, a thorough search and investigation was done at seven locations in Mumbai on 5 May. The complainant was the Bank which sanctioned loans and credit limits to Jet Airways (India) Ltd. A total of Rs 848.86 crore was sanctioned out of which Rs 538.62 crore is still unpaid.
P Santosh, the Chief General Manager of Canara Bank signed the complaint against some unknown public servants along with Gaurang Ananda Shetty, Anita Naresh Goyal, Naresh Goyal, and others for causing a loss of Rs 538.62 crore to the bank.
The account was announced as “fraud” on 29 July, 2021. As per the bank, JIL’s forensic audit shows that the company paid Rs 1,410.41 crore out of the total commission expenses to the “related companies.”
A part of the complaint read, “As per the sample Agreement of Jet Airways (India) Ltd (JIL), it was noted that the expenses of General Selling Agents (GSA) were to be borne by GSA itself and not by JIL. However, it was observed that JIL has paid various expenses amounting to Rs 403.27 crore which is not in tune with the GSA.”
The audit also features personal expenses including vehicle expenses, phone bills, and salaries of staff among others of the Goyal family were paid by Jet Airways India Limited. After a tremendous flying for 25 years, in April 2019, Jet Airways shut its operations. The airline suffered heavy losses and failed to make money for the continuation of operations.