Jet Airways founder Naresh Goyal steps out of jail to visit ailing wife

Jet Airways founder Naresh Goyal was granted a few hours of release from Arthur Road prison in Mumbai on Saturday to visit his ailing wife, Anita Goyal, who is reportedly bedridden due to health issues.

The court had issued the order, permitting Goyal to meet his wife in the day and mandating his return to prison by the stipulated closing time.

Naresh Goyal has been in judicial custody since September 1 of last year after being arrested by the Enforcement Directorate (ED) in connection with a money laundering case.

The Enforcement Directorate’s investigation was initiated based on an FIR registered by the CBI (Central Bureau of Investigation), BS&FB, Delhi, following a written complaint filed by Canara Bank, Mumbai.

The complaint alleged multiple offenses, including cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct, committed by Jet Airways (India) Limited (JIL) and its promoter and directors. These actions led to a substantial Non-Performing Asset (NPA) of Rs. 538.62 Crore, the complainant alleged.

The probe agency’s investigation revealed the financial fraud orchestrated by Goyal and JIL. The funds from a consortium of banks, primarily led by State Bank of India (SBI) and Punjab National Bank (PNB), were systematically siphoned off.

The modus operandi involved the diversion of JIL funds under the guise of inflated General Sales Agent (GSA) commissions and substantial, unexplained payouts to various professionals and consultants. Additionally, loans were granted to JetLite Limited, a 100% subsidiary formed to acquire Air Sahara. The subsequent write-off of these loans was facilitated by making provisions in the company’s balance sheets.

Published On:

Jan 14, 2024

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