ED seizes ₹538.05 crore assets in Jet Airways money laundering case

In a significant development, the Enforcement Directorate (ED) has seized properties worth ₹538.05 crore associated with Jet Airways and the Naresh Goyal family under the Prevention of Money Laundering Act, 2002. The attached properties include 17 residential flats, bungalows, and commercial premises located in London, Dubai, and various cities in India. These assets are registered under the names of different entities, including Jetair Private Limited, Jet Enterprises Private Limited, Naresh Goyal, his wife Anita, and son Nivaan.

This action comes after the ED's investigation into a money laundering case involving Jet Airways. Naresh Goyal, the founder chairman of Jet Airways, was arrested earlier this year, and the ED subsequently filed a charge sheet against him.

The case originated from an FIR filed by the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, Anita Goyal, and former company executives. The FIR alleged that the bank had sanctioned credit limits and loans amounting to ₹848.86 crore to Jet Airways, of which ₹538.62 crore remained outstanding.

During their probe, the ED discovered that Goyal had created various trusts abroad to siphon off funds from India. These illicit funds were used to acquire high-value properties in Mumbai, which were later sold. The investigation also revealed a complex network of Indian companies through which Goyal accumulated numerous immovable assets.

Additionally, the ED cited an audit report indicating that the loans obtained by Jet Airways were misappropriated for purchasing items like furniture, apparel, and jewellery. Shockingly, salaries of the Goyal family's residential staff and operational expenses of a production company belonging to Goyal's daughter were paid using funds from Jet Airways' accounts.

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