‘Lost all hope, better to die in jail’: Jet Airways founder Naresh Goyal’s emotional plea in court

Jet Airways founder Naresh Goyal made an emotional plea before a Mumbai court on Saturday, saying he has "lost all hope in life" and it would be "better if he dies in jail" than continue living in his current condition.

Jet Airways founder Naresh Goyal's emotional plea 

The 73-year-old turned teary-eyed and trembled as he described his deteriorating health and family circumstances since being jailed in September for alleged fraud at Canara Bank.

Goyal was produced before a special Prevention of Money Laundering Act (PMLA) court during a hearing on his bail application in the Rs 538 crore bank fraud case. He is currently in Arthur Road Jail.

Allowed a few minutes of personal hearing by Judge M.G. Deshpande, a trembling Goyal with folded hands said his health is "very bad and precarious." He stated his wife Anita is bedridden with advanced cancer while their only daughter is also unwell.

Goyal lamented that jail staff have limitations in assisting him. "I found his whole body was trembling. He needs help even to stand," the judge observed.

Goyal’s medication condition

The former aviation tycoon pointed to his swollen, painful knees, saying he could not fold his legs. He complained of severe pain and occasional blood in urine, often without assistance.

Goyal said he has become frail and there is no use referring him to J.J. Hospital. The arduous journey with other inmates is "very troublesome, hectic and tedious," which he cannot bear in his condition, he submitted.

He also cited long patient queues and the inability to follow up with doctors during previous hospital visits. Goyal pleaded with the court not to send him to J.J. Hospital and instead "allow him to die in jail itself."

Here’s what Naresh said:

With tears in his eyes, he said he has lost all hope in life and it's "better if he dies rather than be alive like this." He will turn 75 soon and has no future, Goyal added, saying "It's better if he dies in jail."

Assuring Goyal of proper care, Judge Deshpande directed his lawyers to take appropriate health steps and scheduled a further bail hearing for January 16.

In his application last month, Goyal cited his multiple medical issues and claimed reasonable grounds to believe he is "not guilty."

Why Naresh Goyal is behind bars?

The Enforcement Directorate (ED) arrested Goyal in the alleged Rs 538 crore Canara Bank loan fraud. The agency filed a response opposing bail, which continues under court consideration.

The case stems from a CBI FIR against Jet Airways, Goyal, his wife Anita and executives for the bank fraud. The complaint alleged Rs 848.86 crore in loans sanctioned to Jet, with Rs 538.62 crore outstanding.

The dramatic court episode indicates the once-powerful aviation mogul's vastly diminished circumstances since Jet Airways' collapse. His emotional pleas depict Goyal as a broken man worried for his family's future.

But investors and lenders paint a different picture - of an ambitious businessman whose decisions left Jet over-leveraged and unable to stay aloft. Estimates suggest over Rs 10,000 crore in losses to banks and shareholders from the airline's demise.

Goyal's detractors consider him culpable in Jet's fall, alleging improper related-party deals and opaque operations under his management. They argue justice demands accountability for the massive financial destruction.

What Naresh's health underscore? 

The tycoon's health travails also evoke little sympathy from those demanding punishment for Jet's systemic governance failures under Goyal's watch.

With Goyal's bail plea now before the court, his defence team will continue arguing against ED charges even as he remains imprisoned. But the former aviation kingpin's hopes of exoneration appear dim amid India's unrelenting corporate fraud crackdown.