As Naresh Goyal’s 10-day Enforcement Directorate (ED) custody came to a close on September 11, officials transported the Jet Airways founder to the Special PMLA Court in Mumbai. Goyal had been arrested in connection with an alleged ₹538 crore fraud case involving Canara Bank.
On September 3, a special PMLA court had remanded Goyal to 10 days of ED custody until September 11. The ED had originally sought 14 days of custody for further investigation. In a post on X, the ED stated, “ED has arrested Naresh Goyal, ex-Chairman of Jet Airways (I) Ltd. on 1.09.2023 under the provisions of PMLA, 2002 in ₹538 Crore Canara bank fraud case. He was produced before the Hon’ble PMLA Special Court, Mumbai, and the Hon’ble Court has granted ED custody for 10 days.” Goyal’s lawyer had requested special provisions for his client due to his health, including access to his medication, a bed, and home-cooked meals while in ED custody, which the court approved.
Canara Bank alleged that it had sanctioned credit limits and loans to Jet Airways amounting to ₹848.86 crore, of which ₹538.62 crore remained outstanding. The bank also asserted that Jet Airways had diverted funds to its subsidiaries.
The FIR stated, “CGM of Canara Bank, Recovery & Legal Section in Mumbai, has submitted regarding alleged offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by M/s Jet Airways (India) Ltd., Naresh Jagdishrai Goyal, Anita Naresh Goyal, Gaurang Ananda Shetty and unknown public servants and others causing wrongful loss of ₹538.62 crores to Canara Bank. Forensic Audit conducted in the accounts of Jet Airways (India) Ltd revealed fraudulent features like diversion and siphoning of funds.”
