Jet Airways founder Naresh Goyal and five others are facing a ₹538 crore fraud case brought by the Enforcement Directorate (ED). Goyal, who was arrested on September 1 under the Prevention of Money Laundering Act, is currently in judicial custody at Arthur Road jail. The chargesheet was filed in court and is set for review on Wednesday.
The alleged fraud revolves around an FIR filed by the Central Bureau of Investigation (CBI) against Jet Airways, Naresh Goyal, his wife Anita, and former company executives. Canara Bank, in its complaint, claimed that it had provided loans and credit limits totalling ₹848.86 crores to Jet Airways, with ₹538.62 crores still outstanding.
During the investigation, it was discovered that Goyal had moved money abroad by creating foreign trusts. These trusts were used to purchase various properties, which were believed to be proceeds of the siphoned funds from India.
Furthermore, Goyal was found to have acquired high-value properties in Mumbai and set up a network of companies in India for property acquisition. The ED's audit report suggests that loans meant for Jet Airways were diverted to buy assets like furniture, apparel, and jewellery, as well as to cover salaries for Goyal's staff and operational expenses for his daughter's production company.
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