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Jet Airways Founder Naresh Goyal Sent to ED Custody in Rs 538 Crore Sensational Bank Fraud Case

Jet Airways Founder Naresh Goyal has been remanded in the custody of the Enforcement Directorate (ED) until September 11.

Mumbai, 02 September (City Times): Jet Airways Founder Naresh Goyal : In a significant legal development, the founder of Jet Airways, Naresh Goyal, has been remanded in the custody of the Enforcement Directorate (ED) until September 11. This decision comes in connection with an alleged bank fraud case involving a sum of Rs 538 crore. Canara Bank had filed a complaint against Goyal, which led to this action.

(Jet Airways Founder Naresh Goyal )

Legal Proceedings Begin:

Naresh Goyal, aged 74, was arrested by the Central agency on Friday night under the Prevention of Money Laundering Act (PMLA). Following his arrest, he was produced before a special PMLA court in Mumbai on Saturday. During this court appearance, the ED sought an extension of his custody.

(Jet Airways Founder Naresh Goyal )

Roots of the Case:

The money laundering case has its origins in a First Information Report (FIR) initiated by the Central Bureau of Investigation (CBI). The FIR named Jet Airways, Naresh Goyal, his wife Anita, and several former executives of the now-defunct airline. This FIR was a result of Canara Bank’s complaint, alleging that it had granted credit limits and loans totaling Rs 848.86 crore to Jet Airways (India) Ltd. Of this amount, Rs 538.62 crore remains unpaid. The bank has alleged that Jet Airways diverted these funds to its subsidiaries.

(Jet Airways Founder Naresh Goyal )

Earlier Developments:

The legal proceedings surrounding this case began when the Central Bureau of Investigation (CBI) registered an FIR in May of this year. The FIR implicated Jet Airways (India) Limited, Naresh Goyal, his wife Anita Naresh Goyal, Gaurang Ananda Shetty, and unnamed public servants and private individuals. According to the FIR, these individuals are accused of offenses including cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct. The alleged actions have caused Canara Bank a wrongful loss of Rs 538.62 crores.

Forensic Audit Reveals Irregularities:

A forensic audit conducted in the accounts of Jet Airways (India) Ltd reportedly revealed fraudulent activities such as fund diversion and siphoning. The investigation into these activities led to the current legal proceedings.

(Jet Airways Founder Naresh Goyal )

ED Raids and Ongoing Investigation:

Prior to Naresh Goyal’s arrest, the ED had conducted raids in various cities, including Delhi and Mumbai, as part of the money laundering case against the former Jet Airways promoter and his associates.

These recent developments mark a significant step in the ongoing legal proceedings related to the financial affairs of Jet Airways and its founder, Naresh Goyal.

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