ED arrests Jet Airways founder Naresh Goyal in bank fraud case

The Enforcement Directorate late Friday night arrested Jet Airways founder Naresh Goyal in a money laundering case linked to an alleged bank fraud of Rs 538 crore at the Canara Bank, official sources said. He was taken into custody under the Prevention of Money Laundering Act (PMLA) following a long session of questioning at the central agency's office here.

Goyal, 74, is expected to be produced before a special PMLA court in Mumbai on Saturday where the ED will seek his custodial remand, the sources said.

Jet Airways, a full-service carrier, had shut its operations in April 2019, after running out of cash. Later, Goyal stepped down as the chairperson of the airline.

The money laundering case stems from an FIR of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with the alleged Rs 538-crore fraud case at the Canara Bank.

The Enforcement Directorate (ED) had carried out raids against Goyal and others involved in the case in July.

The CBI FIR was registered on the bank's complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd (JIL) to the tune of Rs 848.86 crore of which Rs 538.62 crore was outstanding. The CBI had said the account was declared "fraud" on July 29, 2021.