Jet Airways Founder Naresh Goyal Arrested In Rs. 538 Crore Bank Fraud

The Enforcement Directorate (ED) has reportedly arrested Naresh Goyal, the founder of Jet Airways. He was arrested in connection with an alleged money laundering case involving Rs. 538 crore and linked to Canara Bank, as per undisclosed sources.

Mr. Goyal was detained under the provisions of the Prevention of Money Laundering Act (PMLA) after an extensive interrogation at the ED’s Mumbai office.

The 74-year-old Mr. Goyal is scheduled to appear before a special PMLA court in Mumbai on Saturday. The ED is expected to request his custody for further investigation.

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CBI FIR and Canara Bank’s Complaint on Naresh Goyal

The money laundering case stems from a first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways. It was on Mr Goyal, his wife Anita and some former company executives in connection with an alleged Rs. 538 crore fraud case at Canara Bank.

The FIR was filed on the bank’s complaint that alleged it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs. 848.86 crore, of which Rs. 538.62 crore is outstanding.

The CBI had reported that in July 2021, the account was labeled as a “fraudulent” one. The bank asserted that a forensic audit of JIL revealed that it had transferred a sum of Rs.1,410.41 crore to “related companies” as part of its total commission expenses, effectively diverting funds away from JIL.

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According to the FIR, personal expenses such as salaries for staff, phone bills, and vehicle expenses, among others, of the Goyal family were covered by JIL.

It came to light during the forensic audit that funds were also redirected through Jet Lite (India) Ltd (JLL). It was through actions like making advances, investments, and subsequently writing them off through provisions.

Reportedly, JIL diverted the funds towards its subsidiary, JLL, in the form of loans, advances, and extended investments.

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