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Asia India

India court orders Jet Airways founder to remain in custody until Sept 11

Goyal has faced previous ED investigations in different cases



The probe stems from a CBI case filed at Canara Bank's complaint, naming Goyal's wife and others as accused.
Image Credit: Gulf News archive

Mumbai : An Indian court on Saturday decided that Jet Airways (JET.NS) founder Naresh Goyal will remain in India's financial crime agency's custody until Sept. 11, the agency said in a press statement.

The Enforcement Directorate (ED), which investigates financial crimes in India, arrested Goyal late on Friday.  The ED had sought 14 days of custody

"ED has arrested Naresh Goyal, ex-Chairman of Jet Airways (I) Ltd. on 1.09.2023 under the provisions of PMLA, 2002 in Rs 538 Crore Canara bank fraud case. He was produced before the Hon’ble PMLA Special Court, Mumbai, and the Hon’ble Court has granted ED custody for 10 days," the ED posted in a message on X.

In the PMLA court here on Saturday, Naresh Goyal's lawyer pleaded that since Goyal is not keeping well and has back and spine problems, he should be allowed to have his medicines, a bed and home-cooked food while in ED custody to which the court obliged.

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.

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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.

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.

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