As Jet Airways founder Naresh Goyal was under Enforcement Directorate custody in connection with the ₹538 crore Canara Bank fraud case against him, a special PMLA court in Maharashtra’s Mumbai has now extended his custody till September 14 (Thursday).
Goyal was produced before the court after his initial custody ended on September 11 (Monday).
The founder of Jet Airways was arrested on September 01 by the ED on charges of cheating Canara Bank by siphoning off the bank loan funds by showing bogus expenses. The probe agency said that Naresh Goyal illegally diverted the loan proceeds as indicated by Ernst & Young’s Forensic Audit Reports, causing a loss of ₹538.62 crore to the bank.
Further, he also acquired several properties overseas, including Dubai and the United Kingdom, using these funds, said the ED.
Notably, the money laundering case against Goyal is based on an FIR (First Information Report) lodged by the Central Bureau of Investigation (CBI) in May this year against him, his wife Anita and some former top executives of the airline.
Following a complaint by the bank, an FIR was filed alleging that it sanctioned credit limits and loans to Jet Airways to the tune of ₹848.86 crore, of which ₹538.62 crore was outstanding (due). In November 2022, a complaint was filed accusing Naresh Goyal of cheating, 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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