ED arrests Jet Airways founder Naresh Goyal in financial institution fraud case

By PTI

MUMBAI: The Enforcement Directorate late Friday night time arrested Jet Airways founder Naresh Goyal in a money-laundering case linked to an alleged financial institution fraud of Rs 538 crore on the Canara Bank, official sources mentioned.

He was taken into custody below the Prevention of Money Laundering Act (PMLA) following an extended session of questioning on the central company’s workplace right here.

Goyal, 74, is predicted to be produced earlier than a particular PMLA court docket in Mumbai on Saturday the place the ED will search for his custodial remand.

The money-laundering case stems from an FIR of the Central Bureau of Investigation (CBI) towards Jet Airways, Goyal, his spouse Anita and a few former firm executives in reference to an alleged Rs 538-crore fraud case at Canara Bank.

ALSO READ | JKC will get another month to pay lenders of Jet Airways

The FIR was registered on the financial institution’s criticism which alleged that it sanctioned credit score limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore is excellent.

The CBI had mentioned the account was declared to be a “fraud” account on July 29, 2021.

The financial institution alleged that the forensic audit of JIL confirmed that it paid “related companies” Rs 1,410.41 crore out of a complete fee bills, thus siphoning off funds from JIL.

“As per sample Agreement of Jet Airways (India) Ltd (JIL), it was noted that the expenses of General Selling Agents (GSA) was to be borne by GSA itself and nor by JIL. However, it was observed that JIL has paid various expenses amounting to Rs 403.27 crore which is not in tune with the GSA,” the criticism, now a part of the CBI FIR, alleged.

It mentioned private bills reminiscent of salaries of workers, telephone payments and automobile bills amongst others of the Goyal household have been paid paid by JIL.

Among different allegations, it surfaced throughout the forensic audit that funds have been additionally siphoned off by means of Jet Lite (India) Ltd (JLL) by the use of making an advance and investing and subsequently writing off of the identical by making a provision.

JIL diverted the funds for the subsidiary JLL within the type of loans and advances and investments prolonged.

MUMBAI: The Enforcement Directorate late Friday night time arrested Jet Airways founder Naresh Goyal in a money-laundering case linked to an alleged financial institution fraud of Rs 538 crore on the Canara Bank, official sources mentioned.

He was taken into custody below the Prevention of Money Laundering Act (PMLA) following an extended session of questioning on the central company’s workplace right here.

Goyal, 74, is predicted to be produced earlier than a particular PMLA court docket in Mumbai on Saturday the place the ED will search for his custodial remand.googletag.cmd.push(operate() googletag.show(‘div-gpt-ad-8052921-2’); );

The money-laundering case stems from an FIR of the Central Bureau of Investigation (CBI) towards Jet Airways, Goyal, his spouse Anita and a few former firm executives in reference to an alleged Rs 538-crore fraud case at Canara Bank.

ALSO READ | JKC will get another month to pay lenders of Jet Airways

The FIR was registered on the financial institution’s criticism which alleged that it sanctioned credit score limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore is excellent.

The CBI had mentioned the account was declared to be a “fraud” account on July 29, 2021.

The financial institution alleged that the forensic audit of JIL confirmed that it paid “related companies” Rs 1,410.41 crore out of a complete fee bills, thus siphoning off funds from JIL.

“As per sample Agreement of Jet Airways (India) Ltd (JIL), it was noted that the expenses of General Selling Agents (GSA) was to be borne by GSA itself and nor by JIL. However, it was observed that JIL has paid various expenses amounting to Rs 403.27 crore which is not in tune with the GSA,” the criticism, now a part of the CBI FIR, alleged.

It mentioned private bills reminiscent of salaries of workers, telephone payments and automobile bills amongst others of the Goyal household have been paid paid by JIL.

Among different allegations, it surfaced throughout the forensic audit that funds have been additionally siphoned off by means of Jet Lite (India) Ltd (JLL) by the use of making an advance and investing and subsequently writing off of the identical by making a provision.

JIL diverted the funds for the subsidiary JLL within the type of loans and advances and investments prolonged.