2 Sept 2023

Jet Airways founder Naresh Goyal Arrested By ED For Alleged Bank Fraud

New Delhi: The Enforcement Directorate late on Friday arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said.

Goyal is accused of a scam of Rs 538 crore. 74-year-old Goyal will be presented in the special PMLA court on September 2. ED will seek his custody.

Goyal was summoned for questioning at the ED's Mumbai office on Friday. After a long interrogation, he was arrested under the Prevention of Money Laundering Act (PMLA). Earlier, he did not appear twice when called by ED.

FIR was registered by CBI on bank's complaint

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 Rs 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 Rs 848.86 crore of which Rs 538.62 crore is outstanding.

The CBI had said the account was declared "fraud" on July 29, 2021.

Jet Airways was grounded on 17 April 2019

Jet Airways was once one of the largest private airlines in India and had the status of the largest private airline in the South Asian nation. But, due to being burdened with debt, Jet Airways was grounded on 17 April 2019.

After this, in June 2021, Airways was taken over by the Jalan-Kalrock consortium after winning the bid under the bankruptcy resolution process of the National Company Law Tribunal (NCLT). Since then the process of revival of the airline is going on.

At one time Jet had 120 planes

In the early 1990s, ticketing agent-turned-entrepreneur Naresh Goyal founded Jet Airways and gave people an alternative to Air India. At one time Jet had a total of 120 planes.

The company, which operates with the tag line 'The Joy of Flying', used to operate 650 flights every day when it was at its peak. When the company closed, it was left with only 16 planes. By March 2019, the company's loss had reached Rs 5,535.75 crore.

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