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India's Jet Airways founder arrested for bank fraud case


Nepalnews
2023 Sep 02, 12:14, NEW DELHI
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India's enforcement directorate (ED) arrested Jet Airways' founder Naresh Goyal in an alleged bank fraud case totalling around 65.06 million U.S. dollars, which was related to Canara Bank.

The agency responsible for enforcing economic laws and fighting economic crime in India arrested Goyal Friday night following a thorough questioning at the ED's office in Mumbai.

According to local media reports, the 74-year-old Goyal will likely be produced before a special Prevention of Money Laundering Act court in Mumbai on Saturday.

A complaint was filed by Canara Bank against the airline, Goyal, his wife and a former airline director, stating that a credit limit facility to Jet Airways was sanctioned, but the airline defrauded the bank of 65.06 million dollars.

Based on the complaint, India's premier investigating agency Central Bureau of Investigation (CBI) filed a police case in this regard in May, following which ED conducted raids at multiple locations in Delhi and Mumbai in July.

Jet Airways shut operations in 2019 due to massive financial distress and laid off thousands of employees.

It tried to revamp itself under new owners and restart operations in 2022. However, the resolution plan to lift the airline out of bankruptcy could not materialize due to disagreement with creditors. 

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India's enforcement directorate (ED) bank fraud case economic crime special Prevention of Money Laundering Act court Canara Bank Jet Airways bankruptcy Central Bureau of Investigation
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