Big blow to Jet Airways owner in money laundering case, ED seizes assets worth Rs 538 crore

Naresh Goyal: The Enforcement Directorate (ED) has temporarily frozen assets worth Rs 538 crore of Jet Airways India Limited (JIL) in the money laundering case investigated against Jet Airways founder Naresh Goyal, his family and others. Have confiscated. The attached properties include 17 residential flats-bungalows and commercial premises in the names of various companies and individuals. Some of the seized properties are located in London, Dubai and various states in India in the names of JIL founder Naresh Goyal, his wife Anita Goyal and son Nivan Goyal. Let us tell you that Jet Airways founder Naresh Goyal was arrested by ED in the Canara Bank fraud case of Rs 538 crore.

Naresh Goyal was arrested by the ED two months ago in a money laundering case where he allegedly defrauded Canara Bank of a loan worth Rs 538 crore and was taken into custody. On Tuesday, the ED had filed a charge sheet naming Goyal, his wife and others in the case. During investigation, ED found that JIL took out loans from a consortium of banks led by SBI, including Canara Bank and PNB.

Naresh Goyal committed fraud on a large scale

Naresh Goyal perpetrated a large-scale financial fraud in which JIL funds were siphoned off under the guise of unreasonable and inflated General Sales Agent (GSA) commissions, large unexplained payments to various professionals and consultants, loans to JetLite Limited (100%) Was systematically transferred by giving. subsidiary to acquire Air Sahara), and subsequently wrote off the loans by making provisions in the balance sheet.

ED investigation revealed that GSA commission was wrongly paid to Jet Air Pvt Ltd (JIL's GSA for India), Jet Airways LLC Dubai (JIL's global GSA) and JIL was reimbursed for the operating expenses of these GSAs. The payment was made incorrectly. All these GSAs were beneficially owned by Naresh Goyal. Therefore, the management of JIL followed Naresh Goyal's lead, and continued to pay huge sums on a regular basis despite the fact that these entities were not performing any significant services after 2009. The funds received were again used by Naresh Goyal and his family for their personal expenses and investments.