In connection with the Rs 538 crore Canara Bank fraud case against him, a special PMLA court in Mumbai on Monday extended Jet Airways founder Naresh Goyal’s Enforcement Directorate custody until September 14. After his original incarceration period ended, he was brought before the court.
On September 1, the ED detained Naresh Goyal on suspicion of defrauding Canara Bank by taking money from bank loans by fabricating expenditures. According to the ED, he illegally diverted the loan proceeds, as shown by Ernst & Young’s Forensic Audit Reports, resulting in a loss to the bank of Rs. 538.62 crore.
Using the money, he also purchased a number of homes abroad, including Dubai and the UK, according to the investigation agency.
The Central Bureau of Investigation (CBI) filed a FIR against Naresh Goyal, Jet Airways, his wife Anita, and a few former airline officials in May of this year, which is the basis for the money laundering case against him.
According to Canara Bank’s allegation, which was the basis for the FIR, the bank authorised credit limits and loans for Jet Airways totaling Rs 848.86 crore, of which Rs 538.62 crore was still owed. Naresh Goyal was charged with cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct in the complaint that was submitted in November of last year.
After incurring significant losses and being unable to raise the necessary finances to continue operations, Jet Airways ceased operations in April 2019.
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