Jet Airways Founder Naresh Goyal Sent To 14-Days Judicial Custody In Bank Fraud Case

A Mumbai court on Thursday sent Jet Airways Founder Naresh Goyal for a 14-day judicial custody in connection with the money laundering case, reported PTI. The Enforcement Directorate (ED) had arrested Goyal on September 1 under the provisions of the Prevention of Money Laundering Act (PMLA) following an extensive interrogation at its office in Mumbai. Initially, the ED custody was scheduled to last until September 14. However, at the end of his ED remand on Thursday, the 74-year-old businessman was presented before the court.

The money laundering case revolves around an alleged fraud of Rs 538 crore concerning Canara Bank. The Central Bureau of Investigation (CBI) initiated an FIR against Jet Airways, Naresh Goyal, his wife Anita, and several former company executives based on a complaint filed by Canara Bank.

The complaint alleged that Canara Bank had sanctioned credit limits and loans totaling Rs 848.86 crore to Jet Airways (India) Ltd, with an outstanding amount of Rs 538.62 crore. This led to the CBI categorising the account as fraudulent on July 29, 2021.