Jet Airways founder Naresh Goyal, who has been in judicial custody since September last year, was granted temporary release from Arthur Road prison in Mumbai on Saturday. The permission was given to enable Goyal to visit his ailing wife, Anita Goyal, who is currently bedridden due to health issues.
The court issued the order, allowing Goyal a few hours to meet his wife during the day and requiring his return to prison by the stipulated closing time. Naresh Goyal has been in judicial custody since September 1 of the previous year after being arrested by the Enforcement Directorate (ED) in connection with a money laundering case.
The investigation by the Enforcement Directorate was initiated based on an FIR registered by the CBI (Central Bureau of Investigation), BS&FB, Delhi, following a written complaint filed by Canara Bank, Mumbai. The complaint alleged multiple offenses, including cheating, criminal conspiracy, criminal breach of trust, and criminal misconduct, committed by Jet Airways (India) Limited (JIL) and its promoter and directors. These actions resulted in a significant Non-Performing Asset (NPA) of Rs. 538.62 Crore, according to the complainant.
The probe agency's investigation revealed a financial fraud orchestrated by Goyal and JIL, where funds from a consortium of banks, mainly led by the State Bank of India (SBI) and Punjab National Bank (PNB), were systematically siphoned off. The modus operandi involved diverting JIL funds under the guise of inflated General Sales Agent (GSA) commissions and substantial, unexplained payouts to various professionals and consultants. Additionally, loans were granted to JetLite Limited, a 100% subsidiary formed to acquire Air Sahara, and the subsequent write-off of these loans was facilitated by making provisions in the company's balance sheets.
