India Press Dispatch

Naresh Goyal, the founder of Jet Airways, was given a 14-day judicial hold in a bank fraud case

<p>Naresh Goyal, the founder of Jet Airways, was ordered to 14 days of judicial custody by a Mumbai court on Thursday in connection with a money laundering case involving an alleged Rs 538 crore Canara Bank scam. Goyal was sent to judicial custody by the court since the investigation agency did not request any further remand. The Central Bureau of Investigation (CBI) filed a FIR against Jet Airways, Goyal, his wife Anita, and a few former corporate officials of the now-ground private airline in relation to an alleged fraud case at the Canara Bank, which is the basis for the money laundering investigation.<img decoding=”async” class=”alignnone wp-image-180616″ src=”” alt=” download 57 4″ width=”1251″ height=”804″ srcset=” 280w,×96.jpg 150w” sizes=”(max-width: 1251px) 100vw, 1251px” title=”Naresh Goyal, the founder of Jet Airways, was given a 14-day judicial hold in a bank fraud case 3″></p>
<p>After a protracted interrogation at the headquarters of the central agency, Goyal was taken into custody on September 1 under the Prevention of Money Laundering Act (PMLA) by the Enforcement Directorate (ED). The 74-year-old businessman was brought before the court on Thursday after the conclusion of his ED remand.</p>
<p>The bank filed the FIR after alleging that it had granted Jet Airways (India) Ltd credit limits and loans totaling Rs 848.86 crore, of which Rs 538.62 crore was still unpaid.</p>
<p>In July, the ED filed a new money laundering complaint against Naresh Goyal, and as part of their investigation under the Prevention of Money Laundering Act (PMLA), they searched various sites in Mumbai and abroad. After over 25 years of business, Jet Airways discontinued operations in April 2019. The airline had significant losses while trying to raise money for continuous operations, which finally forced it out of business. Later, Goyal resigned from his position as airline chairman.</p>
<p>The bank said that a forensic investigation of Jet Airways Limited had shown that it had allegedly diverted money from Jet Airways Limited by paying Rs 1,410.41 crore to “affiliated entities” as part of its total commission charges.</p>
<p>It was expressly stated in the Jet Airways (India) Ltd (JIL) sample agreement that the General Selling Agents (GSA) shall bear their own expenditures and not those of Jet Airways Limited. A contradiction between the GSA agreement and Jet Airways Limited’s purported coverage of different costs totalling $403.27 crore, as claimed in the CBI charge, sources said, led to the discovery of the difference.</p>

Related posts

There are still miles to go until we emerge from the woods: RBI Inflation Bulletin

The Board of OpenAI Approached the Anthropic CEO About a Top Position and Merger: Report

Nike’s quarterly profits decline as a result of rising costs, but sales are still strong