ED Arrests Jet Airways Founder Over ₹538 Crore Alleged Fraud | Canara Bank | Naresh Goyal | CBI

Big news coming in. Jet Airways founder Naresh Goyal was arrested on Friday by ED in the 538 crore rupee Canara bank fraud. Before his arrest, he was questioned by the ED in Mumbai.

Goyal was headed to the Serious Fraud Investigation Office (SFIO) for questioning, but ED officials took him in for questioning. He had earlier missed two summons by the central probe agency. Goyal will be produced before a special PMLA court in Mumbai on Saturday, where the ED will seek his custodial remand.

The case in which Goyal is booked is based on a FIR registered by the Central Bureau of Investigation. On May 5, 2023, CBI officials conducted searches at seven locations in Mumbai, which included Goyal’s residence and offices too.

According to CBI FIR, a written complaint filed on November 11, 2022, alleged cheating, criminal conspiracy, criminal breach of trust and criminal misconduct by Jet Airways founder Naresh Goyal.

The complaint was signed by P Santosh, who is the Chief General Manager of Canara Bank. The complaint also mentioned that Anita Naresh Goyal, Gaurang Ananda Shetty and some unknown public servants and others have caused a wrongful loss to the bank.

The bank’s complaint alleged that it sanctioned credit limits and loans to Jet Airways Ltd, to the tune of ₹ 848.86 crore, of which ₹ 538.62 crore is outstanding. The CBI had said the account was declared ""fraud"" on July 29, 2021.
The bank had alleged that the forensic audit conducted in the accounts of Jet Airways (India) Ltd revealed alleged fraudulent features like diversion and siphoning of funds. It was also alleged that funds were diverted through Jet Lite (India) Limited. “As per the sample agreement of JIL, it was noted that the expenses of the General Sales Agents (GSA) were to be borne by GSA itself and not by JIL. However, it was observed that JIL has paid various expenses amounting to ₹403.27 crore, which is not in tune with the GSA.” It also alleged that personal expenses, including the staff salaries and phone bills of the Goyal family, were handled by the firm.
In February, a case was lodged by the ED against Goyal and his wife based on a Mumbai police case to probe charges of cheating and forgery on a complaint from Akbar Travels.
Talking about the history of the airline, Jet Airways had shut operations in April 2019 after flying for around 25 years. The reason for this was that the airline failed to generate funds for continuing operations and suffered heavy losses.

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