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Jet Airways founder raided over money laundering allegations

Naresh Goyal, his wife Anita and some former executives of the now-grounded airline are named in a case of fraud

Easterneye.Biz Staff
By Easterneye.Biz StaffJul 20, 2023
Easterneye.Biz Staff
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INDIA’S economic intelligence agency conducted searches against Jet Airways founder Naresh Goyal on Wednesday as part of a fresh money-laundering investigation against him and others, officials said.

The Enforcement Directorate (ED) raided several premises in Mumbai and other locations.

The money-laundering case stems from a recent first information report (FIR) lodged by the Central Bureau of Investigation (CBI) against Jet Airways, Goyal, his wife Anita and some former company executives in connection with an alleged Rs 5.38 billion (£51 million) fraud at the state-owned Canara Bank.

In February, the Bombay High Court quashed a money-laundering case lodged by the ED against Goyal and his wife on the basis of a Maharashtra police FIR to probe charges of cheating and forgery on a complaint from Akbar Travels.

The court quashed the Enforcement Case Information Report (ECIR) registered on February 20, 2020, and all proceedings against the Goyals on the ground of "being illegal and contrary" to law.

The court order came after the police filed a closure report, stating that they found no substance in the complaint and the dispute seemed to be civil.

As the ED case was based on the police FIR and was the predicate offence for filing a money-laundering case, it was declared quashed by the court.

The CBI’s FIR came after Canara Bank's complaint alleged that it had sanctioned credit limits and loans to Jet Airways (India) Limited (JIL) to the tune of Rs 8.48 bn (£80m), of which Rs 5.38 bn (£51m) is outstanding.

Jet Airways has since been grounded and the CBI said the account was declared "fraud" on July 29, 2021.

The bank alleged that the forensic audit of JIL showed that it paid Rs 14.1 bn to "related companies" out of the total commission expenses, thus siphoning off funds from JIL.

It was also alleged that funds were also siphoned off through Jet Lite (India) Limited (JLL) by making advance payments and investing and subsequently writing off the same by making provisions.

(PTI)

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