In a significant development, Jet Airways founder Naresh Goyal has been remanded to 14-day judicial custody in connection with a money laundering case related to an alleged ₹538 crore fraud at Canara Bank. The Enforcement Directorate (ED) arrested Goyal on September 1, utilizing the provisions of the Prevention of Money Laundering Act (PMLA) after an extensive round of questioning at the central agency’s headquarters.
The 74-year-old businessman was presented before the court upon the conclusion of his Enforcement Directorate remand on Thursday. Subsequently, the court ordered his transfer to judicial custody as there was no request for further remand by the investigative agency.
The origins of the money laundering case can be traced back to a First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) against Jet Airways, Naresh Goyal, his wife Anita, and several former company executives of the now-defunct private airline. The case revolves around an alleged ₹538-crore fraud at Canara Bank.
The FIR was initiated based on a complaint from the bank, which asserted that it had sanctioned credit limits and loans amounting to ₹848.86 crore to Jet Airways (India) Ltd, of which ₹538.62 crore remained unpaid.
Naresh Goyal’s detention and subsequent judicial custody mark a significant development in the ongoing investigation into financial irregularities at Jet Airways. This case has garnered substantial attention, and authorities continue to scrutinize various aspects of the airline’s operations and financial transactions.
The judicial custody of Naresh Goyal is expected to facilitate further investigations into the alleged money laundering activities and financial improprieties associated with the airline. As the case unfolds, it will undoubtedly be closely monitored by stakeholders and the public.