ED Arrests Founder Of Jet Airway Over Canara Bank Fraud Case

Naresh Goyal, founder of Jet Airways has been arrested by the Enforcement Directorate (ED) on Friday over alleged Canara Bank fraud case of Rs 538 crore.

74-year-old Goyal who was questioned by the central agency for hours earlier today will likely be produced before a special Prevention of Money Laundering Act (PMLA) court in Mumbai on Saturday.

The Central Bureau of Investigation (CBI) got some proofs against Goyal, his wife Anita and some former company executives who were connected to the fraud case.

While investigating Goyal and his wife, the ED could gather some proofs against the couple and their associates who were allegedly connected to the fraud.

Earlier in July, the central agency had conducted aids at multiple locations in Delhi and Mumbai following which the CBI had filed an FIR regarding this in May this year.

The CBI filed an FIR after the Canara Bank lodged a complaint against the Jet Airways founder accusing that the bank had sanctioned credit limits and loans to Jet Airways (India) Limited (JIL) of Rs 848.86 crore, of which an amount of Rs 538.62 crore is outstanding.

According to a forensic audit of the company, there were fraudulent transactions that included fund diversion from the loan amount.

related to the Goyal family and other individuals involved in the scam were manipulated as expenses as paid commissions to related companies.

Reportedly, some suspicious transactions transactions related to company's financial records from April 1, 2011, to June 30, 2019 was found, however, the company denied the accusations by saying that Rs 11,152.62 crore was spent on professional and consultancy expenses.