Jet Airways Founder Naresh Goyal Placed In ED Custody Until September 11 Amid Bank Fraud Allegations

Naresh Goyal, the founder of Jet Airways, finds himself in legal trouble as he has been remanded in the custody of the Enforcement Directorate (ED) until September 11th. This decision comes in light of an alleged fraud case amounting to ₹538 crore, based on a complaint filed by Canara Bank.

The 74-year-old Goyal was apprehended by the Central agency late on Friday, invoking the Prevention of Money Laundering Act (PMLA). His arrest followed an extensive interrogation at the ED office. Subsequently, he was presented before the court on Saturday.

The roots of this money laundering case can be traced back to a First Information Report (FIR) initiated by the Central Bureau of Investigation (CBI). The FIR targets Jet Airways, Naresh Goyal himself, his wife Anita, and several former executives associated with the now-defunct airline.

Canara Bank’s complaint forms the basis of the FIR, alleging that it had approved substantial credit limits and loans amounting to ₹848.86 crore. Shockingly, ₹538.62 crore of this sum remains outstanding, with accusations that Jet Airways had diverted these funds to its subsidiaries.

The case continues to unfold as legal proceedings progress.

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