Naresh Goyal: In connection with an alleged case of fraud involving Rs 538 crore, launched on a complaint filed by Canara Bank, Naresh Goyal, the founder of Jet Airways, has been held in the custody of the Enforcement Directorate (ED) until September 11. After a protracted interrogation at the central agency’s Mumbai office on Friday night, Goyal (74) was taken into custody under the Prevention of Money Laundering Act (PMLA). On Saturday, he was brought before the court.
Canara Bank’s Complaint Sparks CBI Investigation into Jet Airways Fraud Allegations
Based on a First Information Report (FIR) that the Central Bureau of Investigation (CBI) filed in May of this year in response to a complaint from Canara Bank, the ED case was initiated. In its case, the bank claimed that Jet Airways had stolen Rs 538.62 crore from it by diverting a portion of the loan proceeds to affiliated businesses as commissions. These transactions were fraudulent and entailed the theft of money from the loan amount, according to a forensic assessment of the organisation.
CBI Charges Jet Airways Founder Naresh Goyal with Fraud Amidst Money Laundering Probe
In its FIR, the CBI charged Goyal with fraud, criminal conspiracy, breach of trust, and other offences. In May of this year, the investigation agency searched seven places in Mumbai, including Goyal’s home and workplace. The ED’s probe also revealed that a percentage of Jet Airways’ costs, which were listed as commissions given to affiliated businesses, were really utilised to cover the personal expenses of the Goyal family and other fraud participants. In April 1992, Goyal, an Indian businessman who is not a resident, created Jet Airways. However, due to financial issues, the airline stopped flying in April 2019. The business is presently going through the bankruptcy procedure.
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