Naresh Goyal’s ₹538-Crore Loan Fraud Case: Founder of Jet Airways Sent to Arthur Road Jail
Naresh Goyal, the 74-year-old founder of the now-defunct Jet Airways, has been sent to Arthur Road jail after the special PMLA court in Mumbai remanded him in judicial custody for 14 days. This development comes as a significant turn of events in a case involving allegations of defrauding Canara Bank to the tune of ₹538 crore. Goyal’s arrest by the Enforcement Directorate (ED) on September 1, 2023, has raised many concerns and legal proceedings.
After Naresh Goyal’s ED custody remand ended, Naresh Goyal was produced before the special PMLA court, where the agency sought his judicial custody. The court, in response, remanded Naresh Goyal to judicial custody, a move that prompted several pleas from Goyal himself. In his pleas, Goyal requested that his family physician, regular medical consultant, and personal specialist doctor be allowed to conduct his medical check-up on a daily basis.
Naresh Goyal’s health concerns came to the forefront when he was taken to JJ Hospital on September 13 after experiencing uneasiness and dizziness. Doctors at the hospital determined that Naresh Goyal’s heart rate was dangerously low, raising concerns about a possible cardiac arrest. Naresh Goyal, who has a history of heart disease and had undergone bypass surgery in the past, claimed that he also had an 80% blockage in his left main artery. In addition to his physical health, Naresh Goyal stressed the need for regular medical attention due to his ongoing treatment for depression.
Furthermore, Naresh Goyal sought permission to meet his family members or have a one-hour daily phone call with them. Naresh Goyal cited his wife’s battle with cancer as a compelling reason for this request. The court, while considering his pleas, has instructed the prison authorities and the ED to submit their responses by Monday. Meanwhile, Goyal has been allowed to have home-cooked food as per his dietary prescription.
The allegations against Naresh Goyal and Jet Airways revolve around a complex web of financial misconduct. The ED contends that Jet Airways secured a loan from a consortium of 10 banks to cover operational expenses from 2011 to 2018. However, a substantial portion of this loan, amounting to ₹6,000 crores, remains outstanding. A forensic audit revealed that ₹1,152 crores were diverted under the guise of consultancy and professional fees, and ₹2,547.83 crores were diverted to a sister concern, Jet Lite Limited (JLL), in an attempt to clear its loan. Astonishingly, the money advanced to JLL was subsequently written off from Jet Airways’ books. Additionally, the ED claimed that approximately ₹9.46 crores had been disbursed to family members and domestic help employed at Naresh Goyal’s residence.
The case has garnered significant attention and public interest, with many closely monitoring its developments. Naresh Goyal’s arrest and subsequent judicial custody have further heightened the intrigue surrounding this high-profile financial fraud case.
In conclusion, Naresh Goyal, the founder of Jet Airways, finds himself in judicial custody, facing serious allegations of financial misconduct and defrauding Canara Bank of ₹538 crores. His health concerns and requests for family contact have added a new dimension to this legal saga. As the legal proceedings continue to unfold, the nation watches closely, awaiting further developments in the case that has gripped the nation’s attention.