Jet Airways money laundering case: In an ongoing investigation related to Jet Airways Limited (JIL), the Directorate of Enforcement (ED) has confiscated properties valued at over Rs 538 crore under the provisions of the Prevention of Money Laundering Act (PMLA) 2002.This action comes as part of a broader inquiry into alleged money laundering activities involving Jet Airways.Jet Airways: Fall from GraceOnce a stalwart in the full-service commercial carrier industry for over 26 years, Jet Airways faced severe financial difficulties and ultimately ceased operations in April 2019 due to depleted funds.Subsequently, in 2019, the airline filed for insolvency with the National Company Law Tribunal in June of that year, following the resignation of Goyal as the airlines chairperson.Seizure of Assets Across BordersThe seized properties comprise 17 residential flats and bungalows, as well as commercial premises located in London, Dubai, and various states in India.These assets are registered under various entities and individuals associated with Jet Airways founder Naresh Goyal, his wife Anita Goyal, and son Nivaan Goyal.Naresh Goyal, a 74-year-old entrepreneur, was taken into custody by the ED in early September in connection with a bank fraud case involving Canara Bank to the tune of Rs 538 crore.The ED has further alleged that the proceeds from the criminal activity were utilised to acquire properties abroad.Recently, the ED filed a chargesheet against Jet Airways founder Naresh Goyal and five others implicated in the multi-crore fraud case.Origins of Case Against Jet Airways FounderThe money laundering investigation targeting the founder of Jet Airways stemmed from a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Naresh Goyal, his wife Anita, and several former company executives regarding an alleged bank fraud.In July, the ED conducted raids against Goyal and others implicated in the case.The CBI FIR was initiated following a complaint from the concerned bank, which claimed to have sanctioned credit limits and loans amounting to Rs 849 crore to JIL, of which Rs 539 crore remained outstanding.Additionally, the CBI classified the account as fraud on July 29, 2021.The EDs recent actions reflect an ongoing effort to address money laundering and fraudulent activities involving Jet Airways and its founder.
