Jet Airways founder Naresh Goyal taken to Mumbai\’s Special PMLA Court as ED custody ends

Enforcement Directorate officials transported Naresh Goyal, the founder of Jet Airways, to the Special PMLA Court in Mumbai as his 10-day custody with the ED concluded on September 11. Goyal had been detained on allegations of defrauding Canara Bank of ₹538 crores.

On September 3, a special PMLA court had extended Goyal\’s custody with the Enforcement Directorate for 10 days, with the custody period ending on September 11. Initially, the ED had requested a 14-day custody period from the court. In a statement released by the ED, it was stated, \”On September 1, 2023, the ED arrested Naresh Goyal, the former Chairman of Jet Airways (India) Ltd., under the provisions of PMLA, 2002, in connection with the ₹538 Crore Canara Bank fraud case. He was presented before the Hon’ble PMLA Special Court in Mumbai, which granted ED custody for 10 days.\” However, Goyal\’s legal counsel had argued that due to his health issues, which included back and spine problems, he should be allowed access to his medications, a bed, and home-cooked meals while in ED custody, a request that the court approved.

Canara Bank contended that it had sanctioned credit limits and loans totaling ₹848.86 crore to Jet Airways, with ₹538.62 crore still outstanding. Additionally, the bank alleged that Jet Airways had diverted funds to its subsidiary entities.

The FIR documented, \”The Chief General Manager (CGM) of Canara Bank, Recovery & Legal Section in Mumbai, has submitted allegations 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 unidentified public servants and others, resulting in a wrongful loss of ₹538.62 crores to Canara Bank. A forensic audit conducted on the accounts of Jet Airways (India) Ltd revealed fraudulent activities such as diversion and siphoning of funds.\”

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