Naresh Goyal, the founder of Jet Airways, was reportedly caught stealing around Rs 9.50 crore from a public sector bank loan to pay off his personal debts, according to the Enforcement Directorate (ED).
The ED testified that Goyal was brought before a special PMLA court here on Saturday and that his production company, which is run by his daughter Namrata Goyal, also received funds from Jet Airways accounts to cover wages and other obligations.
The ED raided Goyal’s house on Friday, detained him for interrogation, and then arrested him late that night for suspected money-laundering connected to a Canara Bank loan fraud case involving Rs 538 crore between 2011 and 2019.
The Central Bureau of Investigation (CBI) FIR filed against Goyal, his wife Anita, and others in connection with the alleged fraud committed with Canara Bank gave rise to the money-laundering case.
The Canara Bank had expressed dissatisfaction about providing Goyal’s Jet Airways with loans and credit limits totaling Rs 849 crore, of which over Rs 538 crore was still owing, and then declaring a fraud in July 2021.
The examination also showed that the Goyal family’s private and personal expenditures as well as employee wages were paid via airline accounts, and that money was stolen by Jet Airways Ltd. through Jet Lite through loans, advances, and investments.
You may remember that the once-dominant Jet Airways, which practically controlled the sky for over 25 years, was forced to cease operations in April 2019 due to financial issues and significant losses.