The Enforcement Directorate on Friday night arrested businessman and Jet Airways founder Naresh Goyal in a money laundering case which is related to an alleged bank fraud at Canara Bank worth Rs 538 crore, PTI reported citing official sources. 74-year-old Goyal was taken into custody by ED in Mumbai under the Prevention of Money Laundering Act (PMLA) after a long questioning session at the ED office.
ED is expected to produce Goyal before a special PMLA court in Mumbai on Saturday where the agency will seek his custodial remand. The money laundering case originates from a Central Bureau of Investigation (CBI) FIR against Jet Airways. The FIR named Naresh Goyal, his wife Anita Goyal, and some former executives of Jet Airways in connection with an alleged Rs 538-crore fraud at Canara Bank.
The FIR was registered on the basis of a complaint by Canara Bank which alleged that the bank sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) of around Rs 848.86 crore. Rs 538.62 crore out of this remains outstanding. The account was declared to be a "fraud" account on July 29, 2021, the CBI said.
According to the bank’s allegations, JIL’s forensic audit showed that the company paid “related companies” Rs 1,410.41 crore out of a total commission expenses, allegedly 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 complaint, now part of the CBI FIR, alleged.
JIL diverted the funds for the subsidiary JLL in the form of loans and advances and investments extended.
(Inputs from PTI)
