Breaking: Jet Airways Founder in ED Custody for ₹538 Crore Scam!

Breaking: Jet Airways Founder in ED Custody for ₹538 Crore Scam!
ED arrests Jet Airways founder Naresh Goyal in Rs 538-cr bank fraud case (Photo Credit Business Today)

In New Delhi, the founder of Jet Airways, Naresh Goyal, has been arrested by the Enforcement Directorate (ED) over a money laundering case involving ₹538 crore connected to Canara Bank, according to undisclosed sources.

This arrest came after a long questioning session at the ED’s Mumbai office, and it was made under the Prevention of Money Laundering Act (PMLA). Mr. Goyal, who is 74 years old, will be taken to a special PMLA court in Mumbai, where the ED will request his custody for further investigation.

The money laundering case is linked to a complaint by Canara Bank and a Central Bureau of Investigation (CBI) report. It alleges that Canara Bank approved loans and credit limits amounting to ₹848.86 crore for Jet Airways (India) Ltd (JIL), with ₹538.62 crore remaining unpaid.

In July 2021, the CBI declared this account as fraudulent. The bank claims that a forensic audit of JIL revealed that “related companies” received ₹1,410.41 crore as commission expenses, diverting funds from JIL.

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