No relief to Naresh Goyal of Jet Airways, will remain in ED custody till September 11

Jet Airways founder Naresh Goyal, surrounded in money laundering case, has now been sent to ED custody till 11 September. He is accused of cheating Canara Bank with 538 crores.

Company founder Naresh Goyal, who started the country's first full-fledged airline Jet Airways, will now have to remain in the custody of the Enforcement Directorate (ED) till September 11. A special court in Mumbai has given this order to Naresh Goyal, who is facing money laundering charges. Naresh Goyal was arrested on Friday itself.

Naresh Goyal is accused of fraud of Rs 538 crore with Canara Bank. ED had sought 14 days' custody of Naresh Goyal from the court, but currently ED has got custody of only 9 days. ED has arrested Naresh Goyal on Friday under the provisions of Prevention of Money Laundering Act (PMLA). The CBI had registered a case in this matter.

Wife's name also in CBI FIR

In the FIR lodged by the investigating agency CBI against Jet Airways India Limited founder Naresh Goyal, the names of his wife Anita Naresh Goyal and Gaurang Anand Shetty are mentioned. Not only this, the names of many other government and company officials are included in the FIR.

538 crore fraud case

A forensic audit of the accounts of Jet Airways was conducted which revealed misappropriation and embezzlement of huge amounts of money. ED found in its investigation that Goyal transferred Rs 9.46 crore from the loan taken from Canara Bank in the name of his wife, son and daughter. This transfer was done from 2011-12 to 2018-19.

Apart from this, embezzlement of Rs 1152 crore was done in the name of consultancy expenses. This money was spent on the salaries of Goyal's residential staff in Delhi and Mumbai in 5 years. Not only this, Goyal made a payment of Rs 2547 crore in the name of subsidiary company Jetlite and later wrote it off.

SBI and Canara Bank were included in the bank group that gave a loan of Rs 6,000 crore to Jet Airways. In this entire matter, Canara Bank suffered a loss of Rs 538.62 crore, for which it has filed an FIR to compensate.

Now Jalan-Kalrock Consortium has got the approval to restart Jet Airways in June 2021, but it has not yet been able to get off the ground, because the issue of loan repayment is stuck between the new company and the banks. The new owner of Jet Airways will get a haircut on the loan amount and it will be equal to 95 percent to the banks. Jet Airways owes a total of Rs 15,400 crore to banks.