Naresh Goyal’s custody extended till Sept 14

In Mumbai, a dedicated PMLA (Prevention of Money Laundering Act) court has granted an extension of Enforcement Directorate custody for Naresh Goyal, the founder of Jet Airways, until September 14. This extension is related to his involvement in the Rs 538 crore fraud case with Canara Bank. After the initial custody period expired, he was presented before the court for this decision.

Naresh Goyal was arrested on September 1 by the ED on charges of cheating Canara Bank. He cheated by siphoning off bank loan funds by showing bogus expenses. The ED said he illegally diverted the loan proceeds as indicated by Ernst & Young’s Forensic Audit Reports. It has caused a loss of Rs 538.62 crore to the bank.

He also acquired various properties overseas, including Dubai and the UK, using the funds, according to the probe agency.

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Money Laundering Case Involving Naresh Goyal: CBI’s FIR and Canara Bank’s Complaint

The money laundering case against Naresh Goyal is based on an FIR registered by the Central Bureau of Investigation (CBI). It was filed in May this year against Jet Airways, Goyal, his wife Anita, and some former executives of the defunct airline.

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Based on Canara Bank’s complaint, an FIR (First Information Report) was filed, alleging that Jet Airways had been granted credit limits and loans totaling Rs 848.86 crore, with an outstanding amount of Rs 538.62 crore. The complaint, lodged in November of the previous year, charged Naresh Goyal with offenses including cheating. Along with criminal conspiracy, criminal breach of trust, and criminal misconduct.

Jet Airways shut operations in April 2019 after it failed to generate funds for continuing operations and suffered heavy losses.

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