Naresh Goyal, the founder of Jet Airways, was arrested by the Enforcement Directorate (ED) in connection with a ₹538 crore money laundering case related to Canara Bank.
The arrest followed a lengthy interrogation at the ED's office and was made under the Prevention of Money Laundering Act (PMLA).
Canara Bank's complaint triggered this case, alleging that the bank had sanctioned substantial credit limits and loans to Jet Airways, with a significant amount remaining unpaid.
The bank raised concerns about funds being siphoned off from Jet Airways, pointing to a forensic audit that revealed substantial payments to "related companies" as commission expenses.
Discrepancies in expenses were highlighted, with Jet Airways allegedly covering expenses that should have been borne by General Selling Agents (GSA).
Naresh Goyal and his wife Anita were named as accused in the FIR filed by Canara Bank, which includes charges such as cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct.
The ED had conducted raids in various cities, including Delhi and Mumbai, as part of its investigation into this case.
Naresh Goyal is expected to appear before a special PMLA court in Mumbai, where the ED will seek his custodial remand.
The case has raised questions about corporate governance and financial practices within the aviation industry.
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