ED will seek his custodial remand when he will be produced before a special PMLA court...
Digital Desk: Jet Airways founder Naresh Goyal has been arrested by the Enforcement Directorate (ED) in an alleged Rs 538 crore money laundering case linked to Canara Bank, reports stated.
After a lengthy session of questioning at the ED's Mumbai headquarters, Mr. Goyal was taken into custody by the Prevention of Money Laundering Act (PMLA).
ED will seek his custodial remand when he will be produced before a special PMLA court in Mumbai on Saturday.
The Central Bureau of Investigation (CBI) filed a first information report (FIR) against Jet Airways, Mr. Goyal, his wife Anita, and a few former corporate officials about an alleged 538 crore Canara Bank fraud case, which is the source of the money laundering case.
The FIR was filed in response to the bank's complaint, which claimed that it had approved credit limits and loans totaling 848.86 crore for Jet Airways (India) Ltd (JIL), of which 538.62 crore is still unpaid.
The account was declared "fraud" in July 2021, CBI stated. The bank claimed that JIL had diverted money from itself by paying "related companies" 1,410.41 crore out of all commission expenses.
The Goyal family's personal expenses, including staff salaries, phone costs, and vehicle expenses, among others, were allegedly covered by JIL, stated the FIR.
The forensic audit revealed that the funds were also siphoned off through Jet Lite (India) Ltd (JLL), which made advances and investments before writing them off by adding provisions.
According to allegations, JIL offered loans, advances, and investments meant for the subsidiary JLL.
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