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Jet Airways founder Naresh Goyal to remain in ED custody till Sep 14

A special PMLA court on Monday sent the founder and erstwhile promoter of bankrupt airline Jet Airways Naresh Goyal to the Enforcement Directorate‘s (ED) custody till September 14 in a money laundering case.

Earlier in the day, Goyal asked the court for admission to a private hospital.

Goyal was remanded to ED custody till September 11. ED arrested Naresh Goyal for allegedly defrauding Canara Bank of Rs 538 crore based on an FIR registered by the Central Bureau of Investigation (CBI) earlier in May this year.

Jet Airways (India) Limited, Naresh Goyal, his wife Anita Naresh Goyal, Gaurang Ananda Shetty and unknown Public Servant(s) and Private Person(s) were named as accused in the FIR.

“CGM of Canara Bank, Recovery & Legal Section in Mumbai, has submitted regarding alleged offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by M/s Jet Airways (India) Ltd., Naresh Jagdishrai Goyal, Anita Naresh Goyal, Gaurang Ananda Shetty and unknown public servants and others causing wrongful loss of Rs 538.62 crores to Canara Bank,” the FIR read.

“Forensic Audit conducted in the accounts of Jet Airways (India) Ltd revealed fraudulent features like diversion and siphoning of funds,” it further read.Canara Bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for “causing wrongful loss” to the lender.Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash. The airline was the second-largest carrier in India by market share.

In its statement the agency said that under Goyal’s leadership the airline siphoned off funds to overseas entities in Dubai, Ireland and other tax havens including the British Virgin Islands.

“(The) ED investigation revealed that in the garb of professional and consultancy fees, funds to the tune of Rs 1,000 crore ($120.94 million) went towards the personal expenses of Naresh Goyal and his family members,” the statement said.

(With agency inputs)

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