• Tuesday, October 03, 2023

Business

Jet Airways founder Naresh Goyal sent to judicial custody

Jet Airways founder Naresh Goyal

By: Chandrashekar Bhat

AN INDIAN court has remanded Jet Airways founder Naresh Goyal to 14-day judicial custody in a money laundering case.

The Enforcement Directorate (ED) arrested Goyal on September 1 under under money laundering laws following a long session of questioning.

The 74-year-old businessman was produced before a Mumbai court at the end of his ED remand on Thursday (14).

The money laundering case stems from a first information report (FIR) of the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives of the now grounded private airline in connection with the fraud.

The FIR was registered on the state-owned Canara Bank’s complaint which alleged that it sanctioned credit limits and loans to Jet Airways (India) Ltd to the tune of Rs 8.48 billion (£82m) of which Rs 5.38 bn (£52m) was outstanding.

(PTI)

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