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A special PMLA court in Mumbai on Monday extended Jet Airways founder Naresh Goyal’s Enforcement Directorate custody till September 14 in connection with the Rs 538 crore Canara Bank fraud case against him. He was produced before the court after his initial custody ended.
Naresh Goyal was arrested on September 1 by the ED on charges of cheating Canara Bank by siphoning off bank loan funds by showing bogus expenses. The ED said he illegally diverted the loan proceeds as indicated by Ernst & Young’s Forensic Audit Reports, causing a loss of Rs 538.62 crore to the bank.
He also acquired various properties overseas, including Dubai and the UK, using the funds, according to the probe agency.
The money laundering case against Naresh Goyal is based on an FIR registered by the Central Bureau of Investigation (CBI) in May this year against Jet Airways, Goyal, his wife Anita and some former executives of the defunct airline.
The FIR was registered on Canara Bank’s complaint, alleging that it sanctioned credit limits and loans to Jet Airways to the tune of Rs 848.86 crore, of which Rs 538.62 crore was outstanding. The complaint filed in November last year accused Naresh Goyal of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct.
Jet Airways shut operations in April 2019 after it failed to generate funds for continuing operations and suffered heavy losses.
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