The Directorate of Enforcement (ED) has taken a substantial step in its ongoing money laundering investigation against Jet Airways, involving the attachment of assets valued at more than Rs 538 crore. This enforcement agency has exercised its authority under the provisions of the Prevention of Money Laundering Act (PMLA) of 2002, and the scope of this asset seizure extends to several properties associated with Jet Airways' founder, Naresh Goyal, along with his son and wife.
Jet Airways, a full-service commercial airline that operated for nearly 26 years, halted its operations in April 2019 due to mounting financial challenges and a depletion of cash reserves. In 2019, the airline resorted to insolvency proceedings, filing a case with the National Company Law Tribunal in June of that year, following Naresh Goyal's resignation as the chairperson of the airline.
The seized properties encompass a wide array of assets, including 17 residential flats and bungalows, as well as commercial spaces situated in locations such as London, Dubai, and various states in India. These assets are registered under various entities and individuals connected to Naresh Goyal, his wife Anita Goyal, and their son Nivaan Goyal.
Notably, the 74-year-old Naresh Goyal faced arrest by the ED in early September in connection with a case related to a bank fraud amounting to Rs 538 crore at Canara Bank. The ED has also made allegations that the funds from the criminal activities were utilized to acquire properties abroad. Furthermore, the investigative agency filed a chargesheet against Naresh Goyal and five others on Tuesday in connection with this multi-crore fraud case.
The genesis of the money laundering case against the founder of Jet Airways can be traced back to a First Information Report (FIR) initiated by the Central Bureau of Investigation (CBI). The FIR implicated Naresh Goyal, his wife Anita, and several former company executives in connection with an alleged bank fraud case. In the month of July, the ED executed raids targeting Naresh Goyal and others mentioned in this case.
The CBI's FIR was lodged following a complaint from the concerned bank, which contended that it had extended credit limits and loans to Jet Airways Limited (JIL) amounting to Rs 848.86 crore, of which Rs 538.62 crore remained outstanding. Additionally, the CBI declared the account as "fraudulent" on July 29, 2021, leading to the commencement of legal action.
