ED arrests Naresh Goyal, founder of Jet Airways in money laundering case

Naresh Goyal, the founder of Jet Airways has been arrested by Enforcement Directorate (ED) in a money laundering case of Rs 538 crore.

The 74-year-old businessman was arrested on Friday night. The ED can seek his remand before a special PMLA court on Saturday. ED had also started investigating the money laundering case on the basis of the CBI FIR. According to the CBI, Naresh Goyal, wife Anita and some former company members are accused in the Canara Bank fraud case.

The enforcement directorate had conducted raids on July 2023 at eight locations in Mumbai and Delhi as part of a money laundering case worth Rs 538 crore.

The CBI had registered an FIR on the basis of the bank's complaint. In this, the bank had registered a complaint which stated that the bank had given the loan of Rs 848.86 crore to Jet Airways Limited in which Rs 538.62 crore is still outstanding. And that is why the account was declared as fraud on July 29, 2021.

According to the bank, its forensic audit had revealed that it had paid Rs 1,410.41 crore as commission to its other companies, and the jet's money was diverted out. Jet also paid money to its subsidiaries through debt or other investments.

The Canara Bank chief general manager has filed the complaint against Goyal including recovery and legal section, alleging criminal conspiracy, criminal breach of trust and criminal misconduct causing the bank a totoal loss of Rs 538.62 crore.

A forensic audit which was conducted by EY revealed that JIL had paid Rs 1,410.41 crore to related parties of the total commission expenses. The expenses of general selling agents (GSA) were paid by JIL amounting to Rs 403.27 crore.