New Delhi: The founder of Jet Airways, Naresh Goyal, has been arrested by the Enforcement Directorate (ED) in connection with an alleged ₹538 crore money laundering case involving Canara Bank, according to sources.
Mr. Goyal, aged 74, was taken into custody under the Prevention of Money Laundering Act (PMLA) after a lengthy questioning session at the ED’s office in Mumbai.
He is scheduled to appear before a special PMLA court in Mumbai on Saturday, where the ED will request his custodial remand.
The money laundering case is linked to a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Jet Airways, Mr. Goyal, his wife Anita, and some former company executives. This case revolves around an alleged ₹538 crore fraud at Canara Bank.
The FIR was lodged based on Canara Bank’s complaint, which accused the bank of granting credit limits and loans to Jet Airways (India) Ltd (JIL) amounting to ₹848.86 crore, with ₹538.62 crore still outstanding.
The CBI had declared the account as “fraudulent” in July 2021. The bank claimed that a forensic audit of JIL revealed that “related companies” received ₹1,410.41 crore as commission expenses, diverting funds from JIL.
The FIR also revealed that personal expenses such as staff salaries, phone bills, and vehicle expenses for the Goyal family were paid by JIL.
Further investigations discovered that funds were siphoned off through Jet Lite (India) Ltd (JLL) through advance payments, investments, and subsequent write-offs through provisions.
This arrest marks a significant development in the ongoing investigation into financial irregularities at Jet Airways.