Naresh Goyal arrest: Jet Airways founder sent in ED custody till Sept 11 in loan fraud case
File photo of Jet Airways founder Naresh Goyal.
Jet Airways founder Naresh Goyal, who was arrested by India's Enforcement Directorate (ED) in a fraud case, has been remanded in the ED's custody till September 11, the news agency PTI reported on Saturday (September 2). A special Prevention of Money Laundering Act (PMLA) court in Mumbai remanded Goyal in the ED's custody in the case.
Goyal was arrested on Friday night and was taken into custody after he was questioned by the ED.
The money-laundering case
The money laundering case of $65.035 million (around Rs 538 crore) stems from a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita, and some former executives of the defunct airline.
The FIR was registered on Canara Bank's complaint. Canara Bank alleged that it sanctioned credit limits and loans to Jet Airways to the tune of $102.60 million (around Rs 848.86 crore), of which $65.035 million was outstanding.
The bank also alleged the airline diverted funds to its subsidiaries.
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Once India's biggest private airline, Jet Airways ran out of cash in April 2019 and filed for bankruptcy. It was supposed to resume operations by the first quarter of 2022 under its new owners.
However, the airline is deadlocked with creditors over the resolution plan to lift the airline out of bankruptcy.
(With inputs from agencies)
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