Jet Airways founder Naresh Goyal, who was arrested by the Enforcement Directorate (ED) late on Friday night, is alleged to have falsely recorded personal expenses amounting to Rs 1,000 crore in the company’s name. The ED’s investigation has revealed that Goyal and his family members illicitly transferred bank funds to foreign accounts through undisclosed transactions.
Furthermore, according to the ED, Jet Airways diverted funds to overseas entities situated in locations such as Dubai, Ireland, and tax havens like the British Virgin Islands under the pretext of General Selling Agents commission. These funds were funneled to parties and entities associated with Goyal and his associates.
The ED’s probe began following an FIR filed by the CBI against Jet Airways, Naresh Goyal, and others, accusing them of causing a loss of Rs 538 crore to Canara Bank. The charges against Goyal and others include cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct. During the investigation, the ED conducted searches at various locations, including chartered accountants and consultants who had received substantial payments from Jet Airways over the years, which had raised concerns in forensic audit reports conducted by EY. The ED stated that it has gathered a significant amount of incriminating documents during these searches.
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